• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
Watchdog Uganda
No Result
View All Result

MP Mawanda tables bill to reduce powers of BoU Governor, Deputy Governor

Stephen Kalema by Stephen Kalema
2 years ago
in Business, Finance
9 1
ShareTweetSendShare

Parliament has held the first reading of the constitution amendment 2020 to reduce powers of the Governor and deputy governor of Bank of Uganda (BoU).

Currently, the governor and deputy governor are the chairperson and deputy chairperson of the board of directors of the Central Bank respectively.

However, during Parliament Committee on Commissions, Statutory Authorities and State Enterprises (Cosase)’s probe into the closure of seven commercial banks by BoU, It was discovered that the two most powerful leaders in BoU were given a lot of powers by the constitution. Findings by Parliament found that the lack of supervision for the governor who is also the chairman of the Bank’s board was itself causing supervisory challenges at the Bank of Uganda. Currently, the governor, according to the Bank of Uganda Act, is also the chair of the board of directors and is deputized by his deputy. The other members are secretary to the treasury Keith Muhakanizi, Dr. Willam Kalema, Mr. James Kahoza, Ms Jude Obitre Gama and Ms Josephine Okui Ossiya.

While handing over the report to the Speaker of Parliament Rebecca Kadaga in 2019, the then chairperson of Cosase Abdu Katuntu proposed a motion to reduce powers from the two most powerful leaders of the Central Bank in order to avoid other blunders which may arise in future and affect the economy.

Katuntu also said the constitution didn’t stipulate the specific functions of both the governor and his deputy which may also be a problem if not solved.

To solve the gaps that were highlighted by Cosase report, on 28th February 2019, Parliament passed a resolution in favour of some of the proposals that were made in the report such as amending article 161 of the constitution.

While tabling the bill on Thursday, Igara East MP Michael Mawanda told the House that the objective of the bill is to provide for a Chairperson of the Board of Directors of the Central Bank, not being the Governor as well as  provide for the governor as the Chief Executive Officer of the Central Bank, to come up with the functions of the governor, the appointment and functions of the deputy governor and other related matter.

He added that the current article 161 under chapter nine of the constitution about Finance only narrates the circumstance under which the governor can be removed from the position.

Its clause 4, also gives other power to them where it says that the office of the governor and deputy governor each shall be a public office and the governor and the deputy governor shall respectively be chairperson and deputy chairperson of the board.

According to Mawanda,  the new amendment Bill 2020 has also other three insertions under article 161 which include;161A, 161B, 161C that explain in details about the roles of the governor and the deputy governor.

“There shall be a governor appointed under article 161 who shall be the Chief Executive of the Bank of Uganda. The office of the governor shall be a public office,” states the Bill.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com

Share2Tweet1SendShare

Related Posts

Manoj Murali, Managing Director, Airtel Uganda (5th L), Owek. Charles Peter Mayiga (C) , The Katikkiro of Buganda, Owek Robert Waggwa Nsibirwa (2nd R), 2nd Deputy Katikkiro and Minister For Finance, Arthur Mawanda (4th R), Managing Director Airtel-k2 Telcom together with representatives from the Masazas in Buganda and Airtel Staff at the partnership announcement between Airtel Uganda and K2 Telcom to enhance the network services with the aim  of boosting customers’ experience and expanding the reach of the partnership.
Business

Airtel-K2 expanded to Masaza as partnership focuses on connecting communities to opportunities

26th May 2022 at 16:21
Mr, Mathias Kamugasho, the Service Cops Managing Director (Left), Mr. Joseph Kiiza Ndiho, the Service Cops’ Executive Chairman, (2nd left), Mr. Tsehay Shiferaw (2nd right), the Awash Bank Chief Executive Officer and the Chief Technology Officer; Mr Tilahuntem Temotewos (right) at the signing of the MoU.
Business

Services Cops signs partnership with Ethiopia’s Awash Bank, to extend its iconic School Suite System and other digital banking solutions

26th May 2022 at 11:09
URA Commissioner General John Musinguzi
Finance

URA tax collections for FY 2021/2022 hit record 15.4 trillion

25th May 2022 at 18:25
Next Post

COVID-19: MPs want government to support religious leaders who no longer receive offertories

Follow us on Facebook

Trending Posts

  • Waiswa Mufumbiro and Frank Gashumba

    How NUP’s Waiswa Mufumbiro destroyed Frank Gashumba in one night

    17 shares
    Share 7 Tweet 4
  • Entebbe: Police officer found dead along Lake Victoria shorelines 

    15 shares
    Share 6 Tweet 4
  • DR IAN CLARKE: Highway Robbery by Wakiso District Council

    12 shares
    Share 5 Tweet 3
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    1887 shares
    Share 755 Tweet 472
  • MP Ssegirinya loses hope as his lawyer Malende ‘plays hide and seek’ whenever court sits to hear his case

    10 shares
    Share 4 Tweet 3

Follow us on Twitter

Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

Follow us on Twitter

Follow us on Facebook

© 2022 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda

© 2022 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....