Finance PS Ggoobi to investigate Africell exit, among our multinationals

Finance PS Ggoobi to investigate Africell exit, among our multinationals

The Ministry of Finance permanent secretary Ramathan Ggoobi has expressed his concern over the massive exit of foreign-owned companies from the company. This follows the latest exit of Africell which is set to concluded it’s operations in Uganda in November.

Mr. Ramathan Ggoobi has set a committee that will investigate the exit of several multinational companies from Uganda which is expected to find solutions from similar business closures.

“I assigned my team to find answers to: Why each of these companies has exited. The likely impact of their exit today and in the medium term. Whether there’s anything we may do to avert similar exits,” Ramathan Ggoobi said.

“Whether there are any other regional markets that are taking advantage of us. Whether this is a common trend elsewhere, and there is a remedy to it that we are not doing,” he added

Other companies that have since closed operations in Uganda include the Country’s largest shopping Centers Game and Shoprite, insurance provider, AIG insurance and GEMS Education Group.

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