Deferred Strength: Uganda Clays’ Fragile Recovery and the UGX 23.6b NSSF Exposure:
Uganda Clays may have bought time, but not certainty. Beneath the return to profit lies a balance sheet still under strain, propped up by deferred obligations and a partially unsecured NSSF loan. Its recovery, while visible, remains fragile. The real test will come when repayments begin, when imp
