Michael Mawanda, the MP for Igara East County, is planning a motion to enact a private member’s bill that will limit the powers of Bank of Uganda Governor.
The “Bank of Uganda Amendment Bill 2019” is aimed at ending the current stalemate at the central bank and rescue the falling economy.
It is in line with reforms recommendations made by the parliamentary committee on Commissions, Statutory Authorities and State Enterprises [COSASE] led by Bugweri County MP Abdu Katuntu.
From one scandal of illegally closing and selling off defunct commercial banks, Bank of Uganda found itself in another currency saga just months after the committee had released its reports faulting officials.
Mawanda believes his bill will restore order, credibility and public trust that has since been lost thanks to the Governor Prof Emmanuel Mutebile and his deputy Louis Kasekende-led administration.
Mawanda’s bill will reduce the powers of the governor Bank of Uganda by separating his roles as a governor from that of chairperson of the board of the bank like is the current situation.
According to his bill, parliament will be the responsible body in appropriating resources or approving the Bank of Uganda financial year budget.
The bill will also outline procedures for closing insolvent banks and ensure people like Mutebile do not practice nepotism at the institution as was the case reported in the Presidential Tripartite Committee report.