Coronavirus has without a doubt affected businesses all over the world, with economies struggling to stay afloat amidst the pandemic.
With several governments putting their citizens under lockdown and no clear date of when the pandemic will pass, millions of people all over the world have rushed to markets to do what has been termed as ‘panic buying,’, in order to stock up food and other essentials that can take them as long as possible.
Revisiting our economics lessons, we all know that an increase in demand leads to an increase in the prices of goods, and the same has happened in Uganda. People who tried to buy essential commodities have reported an enormous increase in the prices of food, and this has raised concern.
While giving and update of the coronavirus fight in the country today, President Museveni has wondered why retailers are increasing the prices of food, most of which is grown in Uganda. He has therefore warned them against doing so.
“I’m warning all those crooks that are increasing food prices. If we find you, I’ll suspend your trading license. We grow the bananas, beans, and others here. I don’t see why you are increasing food prices,” Museveni warned.
Uganda has so far confirmed nine Coronavirus cases and the Ministry of Health is urging the general public to remain calm but vigilant, and follow the precautionary measures put in place to prevent the spread of the virus.