The credit rating agency Fitch has given Uganda's economy a "B" rating with a positive outlook for continued economic growth. Their rating is primarily based on the fact that 2 billion barrels of oil were recently discovered within the country, an economic boon that will most likely contribute to significant growth. However, Uganda's present rating is lower than the previous year's, which was a B+, due to the government's ongoing dispute with Heritage oil over tax issues. This has temporarily stalled the growth of the oil industry that will be based around Uganda's oil reserves. Many African countries place emphasis on attaining higher ratings like these as a means to access international markets.
Chris Bilbro
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