Uganda, Jan. 6 -- MARTIN LUTHER OKETCH

A study by the Economic Policy Research Centre (EPRC) found out that at least 2.2 million businesses in Uganda have no legal status.

The study, conducted last year, according to details contained in the Ministry of Finance 2021/22 Annual Performance Report, found that of the 2.2 million businesses, at least 28 percent are not registered anywhere in both national and local records and do not hold any personalised bank accounts.

Informal businesses, the EPRC study found, contribute 29 percent to Gross Domestic Product.

Therefore, the Ministry of Finance noted, there was need to accelerate formalisation of informal businesses through easing registration processes and bringing services closer to the ...