By Ben Ssebuguzi 18/09/2018
Uganda’s top research youth group, the Youth Power Research Uganda has called on the Inspectorate of Government to follow suite and release its long awaited findings on the possibility of mismanagement in the sale of Crane Bank.
The demand was contained in a press release they issued they on Wednesday. This comes just days after the Attorney General released his report over the same,in which he pointed put damning flows against the administration of the central bank.
“We implore the Inspectorate of Government, also another agency that promotes transparency to also bring out its findings instead of dilly dallying because time is money,” the groups’ head Ben said in a statement on ed.
Read full presser bellow:
Dear Press men and women, we welcome you to this auspicious occasion of expressing gratitude to Auditor General’s office (AG) for releasing a damn ‘biting’ report to parliament about the irregular shutdown of Crane bank (CB) and other 5 banks by Bank of Uganda. We thank you for always walking with us side by side, which means that media are our invaluable stakeholders.
As you can see, no one is wearing a grim face, we are happy just because our investors have a place to go when their hard earned capital is defrauded by selfish government officials! The Auditor General has delivered on his mandate by releasing a 94 paged report about the irregular shut down of CB by Bank of Uganda of which we have been repeatedly demanding agencies like the Auditor General and Inspectorate of Government to produce the same and deliver justice because the more we have rigorous systems that settle disputes for investors, the more we attract more investments in our country hence more employment for our youths and more taxes to our government.
Our work as Youth power research Uganda (YOPRU) as stipulated in our objectives is to be a cushion to our investors in circumstances where we feel that they have been ripped off. We help to alert the President and government departments through writing where by the President swiftly chips in to rectify the situation by alerting relevant bodies to take action. We do this with passion because we found out that also investors need to have people to advocate for them just like we have human rights bodies that defend for human rights victims.
When we wrote to the President about how Ms Justine Bagyenda, Director Supervision(BoU) had precipitated the selling of CB at a paltry of only Ugx 200b in 2016 compared to CB Assets which were Ugx1.8 trillion in 2015, just one year after, Ms Bagyenda’s contract was terminated there and then, which brought some sigh relief. As you can see this was broad day robbery against our investors.
Now that AG, Mr.John Muwanga has sent a report to parliament about the flaws and misuse of funds of about Ugx400b, we hope that COSASE committee will use that report as a lead to getting more culprits that sabotage our investors.
Lastly, we implore the Inspectorate of Government, also another agency that promotes transparency to also bring out its findings instead of dilly dallying because time is money. Our investors’ hands have been tied because they lost trust from their investment partners here and abroad. We have been informed from reliable sources that this impasse alone has stopped about $ 10B USD in form of Foreign Direct Investments to come to our country as a result of tainting the good image of our investors.
We also recommend Ministry of Finance to take Central Bank staff for more training in modern management practices in Accountability and Transparency because the Central bank out to be where sanity begin and spreads to other institutions.
Ben Ssebuguzi is Team Leader; Youth Power Research Uganda Ltd
He can be reached on 0751811286,0705807454