Uganda has highest level of economic freedom, says report
Posted by africanpress on January 15, 2008
Kampala (Uganda) The United States based think tank, Heritage Foundation, has said Uganda has the third highest level of economic freedom in sub-Saharan Africa.
The 14th annual Index of Economic Freedom, released on Monday by the Heritage Foundation and The Wall Street Journal, says in sub-Saharan Africa the overall level of economic freedom declined in the past year. Nine of the 24 countries worldwide rated in the Index as “repressed” can be found in sub-Saharan Africa.
One exception to the overall trend is Mauritius, which continued on the path of reform noted in last year’s Index, followed by Botswana and Uganda.
According to the report, Uganda’s economy is 64.4 percent free, making it the world’s 52nd freest economy.
Uganda scores well in fiscal freedom, government size, financial freedom, and labor freedom. The top income and corporate tax rates are moderate and overall tax revenues are not large as a percentage of Gross Domestic Product, according to the report.
The report said the Uganda government expenditures are fairly low and its small financial sector is dominated by banking, while the labor sector is elastic in work hours and workforce flexibility.
The shortcomings in Uganda’s economic freedom stem from corruption, property rights, and business freedom. The report further notes that commercial licensing is burdensome, and regulations are enforced inconsistently.
Published by Korir, API/APN africanpress@chello.no source.apa
munjuni said
WHAT A BUNCH OF HYPOCRITES. THEY FAILED TO MENTION THAT ALMOST 70% OF UGANDA’S BUDGET IS FOREIGN AID. THESE GUYS ARE HAPPIER WHEN WE ARE DEPENDENT ON THEIR MONEY SO THEY CAN KEEP ON COLONIZING AFRICA.
WHEN THEY SAY UGANDA’S ECONOMY IS 64.4% FREE, ITS FREE FROM WHAT? SELF GOVERNANCE PERHAPS? IF FREEDOM IS BEGGING THE WEST FOR MONEY, I PREFER TO BE IMPRISONED BY ECONOMIC INDEPENDENCE.