THE HIGH IMPACT OF HIGH VANILLA PRICES ON SECURITY OF THE BUNDIBUGYO FARMERS

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The increase in the prices of a kilogram of vanilla has increased insecurity among the people of Bundibugyo who are engaging this activity. Some thieves who steal and sell immature beans thus undermining the quality on the market.

About a decade ago, the price of vanilla, which had reached Shs. 150,000 a kilogram of green beans, nose-dived to almost Shs. 1,000. However, in 2014, it started rising with a kilo ranging from Shs. 2,500 to Shs. 5,000. The price has now reached as high as Shs. 250, 000 per kilogram for green vanilla beans at the farm-gate

In Uganda, districts where vanilla is grown include Kayunga, Mukono, Mpigi, Jinja, Kamuli, Buikwe, Bundibugyo, Luweero and Kasese.

Globally, Madagascar leads in vanilla exports with 1,600 tonnes per year followed by Indonesia and France. Uganda comes in at 12th position with export revenue of $5.7 million, according to the latest (2016) statistics.

The competitive prices have led to a rise in theft cases thus resulting into farmers hiring security guards to guard their vanilla gardens which is costly.

Baleyebulya Fabiono, a farmer in Kitule village in Nyahuka town council says that he decided to engage in the vanilla growing due to its demand on the market. He notes that however, this precious crop has earned them security threats from thieves.

He adds on that after the suffering the farmers go through maintaining the crop since it is tiresome,thieves come and steal the immature beans and the vanilla vines. The thieves come with killing objects like pangas that they use in case the owner of the farm garden tries stopping them.

Fabiono, says that although the farmers have come together to form an association, he asked government to help them with security support so that the farmers are able to gain positive results form their gardens.

Wilson Masereka, a farmer in Busamba 3 woke up on 23rd march 2019 prepared to go to his vanilla farm. Unfortunately, he found out that his vanilla beans had been stolen at night. He reported to the police station but nothing was done.

Rashid Masereka, the chairman of Bundibugyo Nillavan Vanilla/ Coffee Growers Cooperative Society says that the association is the only one in the district has 1,223 registered farmers . He says that it is now two years since the inception of the association.

“Farmers have been able to educate their children, build good houses among others. He notes that most people in the area depended so much on cocoa but unfortunately, cocoa is longer expensive thus not supporting the natives of the district.”

Rashid further says that they arrested recently two vanilla thieves , one of them called Baluku who are imprisoned at Bubukwanga prison for two and half years.He says that the thieves steal the immature vanilla beans

He, however asks government to support them by providing security so that the farmers are able to fight this risky vice of theft.

Stanbic sees technology changing banking sector

Jibran-Qureishi-Stanbic-Banks-regional-economist-for-East-Africa.

Throughout this year, a top regional economist expects Uganda to maintain a stable benchmark rate that influences the interest rates commercial banks charge on credit throughout.

Jibran Qureishi, Stanbic Bank’s regional economist for East Africa, bases his forecast on the fact that inflationary pressures in Uganda appear subdued and, therefore, there is little reason for the central bank to panic by shuffling around its key monetary policy rate.

“I think moving forward this year, we will probably see a stable monetary policy stance. I don’t expect them to change the central bank rate.” he said. He added that Bank of Uganda was “more positive now on inflation than they were six months ago. That’s why I think they wouldn’t be in a hurry to actually hike rates…”

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Qureishi was speaking during Stanbic bank’s 2019 Economic Forum, which took place at Kampala Serena hotel. The forum ran under the theme ‘Achieving a paradigm shift in Uganda’s Economic growth through leveraging technology.’ Patrick Mweheire, the chief executive of Stanbic bank, weighed in too, saying things look good in 2019.

“We are optimistic that this will be a positive year for growth. This platform was an opportunity to discuss and explore the best practices in utilizing technology to drive Uganda’s economy,” he said.

Analysts have sighted ICT as the biggest accelerator of economic growth. In FY 2017/18, for example, the sector registered the highest growth at 7.9 per cent per annum, industry at 6.2 per cent, services at 7.3 per cent, and agriculture at 3.2 per cent.

Emma Mugisha, the Stanbic Head of Corporate Investment Banking, talked about how technology has reduced the cost of labour, which forms the largest expense for most institutions.

“Agency banking, for example, is not a digital platform. We are using it to create pseudo ATMs. It has allowed us as a bank to drive financial inclusion and reach more people affordably in a space of one year. Today, banking is no longer an eight-hour business, technology has made it a 24-hour affair,” she added.