Uganda, March 27 -- Everyone you ask about life in Uganda these days seems to have their version of how bad things are. Sentiments about "things" range from hard to bad or, for those who are slightly better off, "there-there".

Anecdotal evidence appears to support this mood. Over the past year or two, newspaper classified pages have been full of auctioneer notices advertising fire sales of distressed properties mortgaged to lenders. These used to be high-end commercial properties in prime locations or high-end chattels but it isn't uncommon to find a bedsitter in Busega or an Ipsum in Ibanda under the hammer.

At the macro level, the sea appears relatively calm. Although still stubborn, inflation remains largely under control. The shilli...