COVID-19: Uganda Loses 60,982 Jobs in One Month

60,982 jobs were lost in Uganda due to strained economic conditions caused by Covid-19 disruptions and the government’s announcement of a second lockdown in June, according to a report.

The Ugandan Ministry of Finance noted in its monthly Microeconomic Development report for June that employment had been constrained by the second wave of Covid-19 outbreak, which had been marked by a large number of cases between May and June.

This, according to the report, forced a reduction in formal employment from 714,048 employees in May to 653,066 in June.

It noted, however, that migrant labour rebounded but it remained below April, the month when the government lifted an international travel ban. At least 8,830 migrant workers left the country in June, compared to 3,706 in May and 11,114 in April, the data showed.

The report noted that the number of retiring public workers increased by 825 from May to June, when there were 82,548 retired workers compared to 83,373.

Covid-19 impacted new investments as well, with business registrations declining by 36 percent at Uganda Registration Services Bureau from 5,073 to 3,246.

According to the report, Covid-19 affected investor perspectives, causing some investors to adopt a wait-and-see attitude.

Moreover, the report noted that Uganda’s single securities exchange experienced stability, with its All Share Price Index rising by 5.25 per cent from 1,416.01 to 1,490.4 in June.

The report also notes that government efforts to mitigate Covid-19 disruptions will bear fruits in the latter half of the 2021/22 financial year.

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