Top 8 business stories in 2022 [Pulse Picks]

With that practice comes big risks, losses, public scrutiny, scandals, financial and resource shocks all in the name of making money, building value and sustaining the economy.

Speaking of big risks:

1. EACOP

Might as well call it the East African Cup. The East African Crude Oil Pipeline project is currently the region's bone of contention. Latest in the ongoing conflict surrounding the project is exit of Britam insurance.

The move was welcome by international communities, climate change activists and locals who are against the project.

However, with great potential comes great challenges and only TotalEnergies currently remains in the corner fighting.

2.Beforward

The car dealership faced a compensation scheme totalling about $500,000 when clients reported that they were scammed.

The matter reached authorities in police and internally leading to an audit. Victims were promised compensation upon producing believable documents indicating payment.

3.SACCOs united

In November, Cooperative unions and Saving and Credit Cooperatives (SACCOs) asked the government to unite them under one law to ease regulations.

Unlike traders, transport and teachers, among other organisations, SACCOs and Unions do not have a ministry nor agency that governs them.

According to one Ferdinand Tumuhaise, a lawyer working with Kampala Associated Advocates, members are tossed around in government bodies with no clear protocol. He called for a unifying protocol to save time.

4.From the horse's mouth

Ugandan business mogul Luggya Benon of Maganjo Grain Millers Company had some wise words for youth entreprenuers. Maganjo is famous for making family and baby-feeding products but marriage has far-reaching benefits, according to Luggya.

“Marriage is an avenue that brings together two brains to start something that can develop their lives and the country at large. Marriage is not only for producing children. Mosquitoes which are never married also produce,” he said.

5.Fall of an empire

One of Uganda's most influential business families, BMK's properties are going on auction by end of December. Property belonging to Buliamu Muwanga Kibirige, popularly known as BMK to the older generations in the country, is going to be sold off to pay a loan of Shs 1 billion.

A wealth creation expert blamed poor planning.

6. Beer prices

In May, Uganda Breweries Limited announced an increase in beer prices. In pits of an inflation that surged prices and costs of living, alcohol consumers were stumped by the increment.

"Due to the increasing cost of production as well as raw materials, we have been forced to adjust prices of the following SKUs(stock keeping units) with effect from today May , 4,2022," UBL Sales Director Ben Mbuvi communicated in a notice.

The company was celebrating 75 years of serving and operating the country.

7.Fuel prices

Imagine being let out of prison after an unexpected two year sentence. As you go to get into the bus to take you home, you realise it is too expensive that you'd rather go back to prison. But there was another option, to take public transport, co-driving, which kind of reacquainted people, less traffic jam and a fresher environment.