Angry traders on Friday stormed out of a Kampala City Traders Association (Kacita) meeting, citing dissatisfaction over President Museveni’s stand on their demands.
The traders said Mr Museveni’s stand was a ‘mockery’ to Uganda’s business community, insisting that the President was ‘insensitive’ to their demands. The more than 1,000 traders vowed to continue with the strike until Mr Museveni responds positively to their demands.
Mr Museveni failed to dissuade traders’ leaders on Thursday at a meeting in State House Nakasero from their strike against high interest rates being charged on old loans taken from commercial banks. The traders want interest rates on old loans lowered.
Mr Issa Ssekito, the Kacita spokesperson, confirmed on Thursday that the traders had resolved to continue with the strike until the President meets them today, hopefully with a positive answer. “The strike is still on. We cannot call it off until we have met the President, that is what the traders have asked us,” he said on telephone as he attended the meeting.
The meeting venue, in downtown Kampala, was overwhelmed by traders with the designated meeting hall filled beyond capacity. The large turnout prompted the traders to extend their meeting into Burton Street adjacent to the Old Taxi Park.
Sudden and massive spillage of traders caused panic within security circles, prompting police to quickly deploy in and around the Old Taxi Park in anticipation of chaos.
At one point in the meeting, some traders suggested that the scheduled meeting today between Kacita and Mr Museveni be abandoned since nothing new would come out of it.“It is not necessary. It is not the first time. Mr Museveni is not taking these demands seriously. It is disrespectful to traders,” one trader said. “We are an important part of the economy of this country. This man (President Museveni) should not ridicule the business community like this,” another trader said to the applause of the rest.
Shops in Kampala will now remain closed until government and the traders reach an amicable position. The traders had originally planned to strike for three days, running from Wednesday to yesterday.
Reports from Thursday’s meeting indicate that the Bank of Uganda Governor Tumusiime Mutebile reportedly told the meeting that he could not push commercial banks to vary interest rates on loans.
Traders are arguing that the banks are exploiting them by imposing hiked interest rates on money their members borrowed on different terms, and at lower interest rates. Mr Mutebile also reportedly asked for one week to review the interests rates.
iladu@ug.nationmedia.com
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