President Museveni Soon To Addresss the public on High commodity prices

Yoweri kaguta musevenu

President Museveni yesterday announced that his ruling National Resistance Movement - Central Executive Committee or CEC - would meet next week to discuss the issue of declining commodity prices.

In Easter message, Mr. Museveni said he would "discuss with the Party the issue of high commodity prices" in the coming days before addressing the Ugandan people. The president also pointed out that  prices were "troubling our people."

A statement issued by Deputy Minister of Trade (Industry) David Bahati in Parliament on Thursday outlined government plans to help farmers grow more food and vegetable seeds and grains to ensure adequate household goods and increase their income abroad.

"Exports such as maize can be used in place of regional partners who relied heavily on trade in affected countries such as Ukraine," the statement said in part.

It also said the government was accelerating the implementation of the social development model to increase the production of goods for domestic use and export.

The statement also said that the government will continue to build a free and fair competitive environment to support the continued supply of fuel. The government will also work with the private sector to expand other petrol routes across Lake Victoria to avoid unnecessary disruption of supply.

"As such, the use of [price controls], subsidies and tax breaks not only saves, but it causes market distortions and smuggling and leads to loss of revenue," said Mr Bahati.

The minister also indicated that the Department of Energy and Minerals will continue to regulate local petrol markets to ensure that prices reflect the economy.

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