Matooke Republic
Saturday, July 12, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Igara East MP Michael Mawanda drafts bill to trim BoU Governor’s powers

Norman Mwambazi by Norman Mwambazi
July 18, 2019
in Business
Reading Time: 2 mins read
12
SHARES
Share on FacebookShare on Twitter

From the pen saga, to Shs90bn money heist, to the sale of defunct banks, to the suspicious and scrutinised recruitment process, Bank of Uganda (BoU) has been involved in numerous scandals in recent years that show how badly managed the bank is.

Under the current Bank of Uganda Act, the Governor of the Central Bank is the Chairman Board of Directors deputized by the Deputy Governor. Other Board members include Secretary to the Treasury and directors of different departments of the bank.

This is why Igara East MP, Michael Mawanda has drafted a Bill that seeks to amend the Bank of Uganda (BoU) Act so that the Board of Directors is separate from the Central Bank management.

RELATED POSTS

Jacob Kiplimo shines at Samsung Galaxy Unpacked as new Galaxy Watch 8 launches

Pearl Tower One: Meera Investments unveils Kampala’s landmark Grade-A office building

“We hope it can solve all these impasses that have been happening in the bank from the sale of the defunct private banks, infighting among others. For now, the board of Governors is reliant on each other and this brings out issues of accountability,” he said.

In February this year, Mutebire recruited and promoted some BoU staff, a move which was reported as an abuse of power as the appointees did not go through the set appointment regulations at the bank.

Mawanda says he has already submitted his draft bill to Deputy Speaker, Jacob Oulanyah to have a look at it before tabling it to Parliament.

In one of its recommendations, the Committee on Commissions Statutory Authorities and State Enterprises (COSASE) in Parliament Chaired by Bugweri MP, Abdul Katuntu pushed for a complete overhaul of the bank and separation between the bank management and board of directors, while a separate committee instituted by the President recommended an urgent and comprehensive review of the laws governing the Central Bank and trimming the Governor’s powers.

Related

Tags: Bank Of Uganda
Share5Tweet3Send
Norman Mwambazi

Norman Mwambazi

Writing is my substitute for worry. Live. Love. Laugh. Be Good.

Related Posts

Opportunity Bank dominates Agricultural Credit Awards, wins 9 of 16 top honors

by Matooke Republic
1 month ago

...

Gift Shoko, Managing Director of Equity Bank Uganda.

Equity Bank Uganda recognized as Domestic Systemically Important Bank for third consecutive year

by Matooke Republic
2 months ago

...

Dr. Michael Atingi-Ego.

Meet Dr. Michael Atingi-Ego, the newly appointed BoU Governor who has served as Deputy Governor since 2020

by Matooke Republic
5 months ago

...

Bank of Uganda Deputy Governor Michael Atingi-Ego.

Bank of Uganda denies hacking in Shs60 billion fraud scandal, explains circumstances

by Matooke Republic
7 months ago

...

Valentine’s Day: BOU reminds public against using money notes in bouquets

by Matooke Republic
1 year ago

...

Next Post

If I wasn’t smart, I would have sold the late Ivan Ssemwanga’s unfinished hotels in Kampala because of the debts he left unpaid – Zari recounts hard times after ex-husband’s death

BREAKING: Former IGP John Kisembo is dead, the police has announced

RECOMMENDED

Bebe Cool pushes for East African collaboration and use of collective numbers to take over the world musically

July 11, 2025
Fatuma Bbuye Nabiwemba.

State Prosecutor found dead at her home in Kasangati

July 11, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3922 shares
    Share 1569 Tweet 981
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    97 shares
    Share 39 Tweet 24
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    94 shares
    Share 38 Tweet 24
  • Properties owned by late billionaire Aponye at risk of auction over Shs15 billion loan arrears

    78 shares
    Share 31 Tweet 20
  • Pastor Bugingo’s daughter Doreen Gift awarded scholarship to Arizona State University in the US

    61 shares
    Share 24 Tweet 15
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.