By Andrew Irumba
Kampala: Bank of Uganda governor Prof. Emmanuel Tumusiime Mutebile is headed for tougher days after Michael Mawanda Maranga, the Igara East county legislator, finalised plans to have his powers trimmed. Spy Uganda has learnt that Mawanda is in the final stages of tabling a private member’s bill that will see Mutebile’s authority as Bank of Uganda Governor subjected to checks and balances.
Mawanda’s motion titled “Bank of Uganda Amendment Bill 2019,” aims at ending the current stalemate at the central bank and rescue Uganda’s crumbling economy. The yet to be tabled Bill is also in line with reforms and recommendations made by the parliamentary committee on Commissions, Statutory Authorities and State Enterprises (COSASE) during the time it was chaired by Bugweri County MP Abdu Katuntu.
After the multibillion scandal of illegally closing and selling off defunct commercial banks, Bank of Uganda found itself in another currency saga just months after COSASE had released its reports faulting the BoU officials’ operations. Mawanda believes his bill will restore order, credibility and public trust which has since been lost, thanks to Mutebile and his scandalous deputy Louis Kasekende and their shady staffers.
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, which is the current situation. According to his bill, parliament will be responsible for 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. However, what remains unclear is when Mawanda plans to table this Bill and whether it will be accepted by Parliament or not.
