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Uganda starts to feel cost of anti-homosexuality bill

Timothy Kincaid

February 26th, 2014

President Yawari Museveni has barely signed the 2014 Anti-Homosexuality Bill and already the nation’s economy is experiencing the consequence. (Bloomberg)

Uganda’s shilling fell the most since March 2012 against the dollar after donors started cutting aid after President Yoweri Museveni signed a law that imposes life sentences on some homosexual acts.

Museveni signed the law on Feb. 24 after scientists in Uganda found no genetic link to homosexuality. Uganda’s shilling has dropped for three straight days, paring gains in Africa’s third-best performing currency this year. The currency of East Africa’s third-biggest economy fell 2.2 percent to 2,513 per dollar by 6:57 pm. in Kampala, the capital.

As nations cut off foreign aid to Uganda, the bite is immediate. But perhaps more concerning for political stability is the impact the legislation can have on future investment.

Global companies which do business in the West rely on a gay friendly image and investment in Uganda can be perceived as social irresponsibility. Additionally, they increasingly accept and promote gay employees and can be reluctant to be involved in nations where their employees may be at risk or whose policies complicate personnel strategies.

“In the long run, foreign-direct investment could be withdrawn, which will have a bigger impact than the donor aid,” Jacques Nel, an economist at NKC Independent Economists in Paarl, South Africa, said by phone. The law “creates increased risk that companies may no longer invest in the country or invest less,” he said.

Comments

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Lucrece
February 26th, 2014 | LINK

And yet companies are happy to do business with the Arab Emirates still. You would think Dubai is some sort of paradise according to the marketing done by western companies.

I’m happy that Russia and Uganda are getting their well-deserved scorn, but it’s obvious that Uganda and Russia do not supply us the way Sudi Arabia does.

And you have to wonder how come Russian olympics got all this negative attention while the World Cup of the most internationally followed sport, is taking place in barbaric Qatar.

Henri
February 26th, 2014 | LINK

Urge the White House to do the same by signing this petition on the White House site: The United States should halt all funds to Uganda until the recent anti-gay legislation they passed is repealed.
http://wh.gov/lPvmY

And please pass this along to friends and family.

Thanks!

Lynn David
February 27th, 2014 | LINK

I would imagine such countries as Russia and China may take up some of the slack. Uganda’s already crawled into bed with China, inviting them to come in and partake of some of their new oil industry – primarily because China has experience with refining thicker (somewhat degraded) oils like Uganda produces.

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