Uganda’s economy will continue to grow despite less demand for its products abroad and tighter global credit conditions, according to recent data from the International Monetary Fund (IMF).

IMF’s annual review of Uganda’s economy forecast economic growth in the East African country as likely to stay in the 7% range before climbing to around 8% in 2011/12 and 2012/13 fiscal years.

Much of the growth reflects the discovery of oil in western Uganda, which has interested investors.

Uganda's financial system has been relatively insulated from the global financial crisis, but the economic slowdown could expose weaknesses in banks' credit portfolios, the IMF said while urging increased vigilance over the banking system.

Meanwhile manufacturer Coca Cola soft drinks said its happy with the company’s steady growth in Africa inspite of the global financial crisis.

The new managing director for Century Bottling Company in Uganda Basil Gadzios said there are still opportunities for further growth on the continent.