• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

Government wants over Shs600b to capitalise BoU, 5 other banks

Mubiru Ivan by Mubiru Ivan
6 years ago
in Business, Finance, National, News
9 0
ShareTweetSendShare

The government of Uganda seeks Shs620.7 billion to capitalise Bank of Uganda and five other commercial banks.

This was revealed on Wednesday by Lawrence Ssemakula, the Accountant General in the Ministry of Finance while appearing before the House Committee on Finance to present a ministerial policy statement on Treasury operations.

He said BoU needs Shs484.2 billion urgently to cover for deficits and losses accumulated since 2013.

“They [BoU] have indicated that they have been impaired from June 2013. So as per the BoU Act, we have no option but to allocate the money in our budget since their operations are in deficits,” Ssemakula said.

When MPs asked whether the ministry had done due diligence on the request by the Central Bank managers, official said the deficits are captured in the Auditor General’s reports.

The latest BoU request for capitalisation first came to the attention of Parliament in May last year with a request for Shs474b.

According to Daily Monitor, Keith Muhakanizi, the Finance Ministry Permanent Secretary had previously written to the Clerk of Parliament, explaining that BoU had registered a deficit of Shs17b and talked of operating losses of Shs457b on account of “monetary policy” and “currency costs”.

The MPs last year accused the Finance ministry of “stampeding Parliament” and insisted that the losses at BoU were not fully explained, and that the request recapitalisation came at the end of the budgeting process.

Some committee members, however, called for an investigation into the cause of losses and deficits at BoU before injecting the taxpayers money in the bank.

The State Minister for Microfinance, Mr Haruna Kasolo, revealed that government plans to spend Shs141.2b on five other banks.

The Director Budget, Kenneth Mugambe, told the MPs that the banks to be capitalised included Uganda Development Bank, Post Bank, Housing Finance, Trade and Development Bank, and African Development Bank.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share33Tweet1SendShare

Related Posts

Eng. John Mary Vianne Twinomujuni has caused a storm by trying to cling on to office despite clocking mandatory retirement age
News

High Court to hear legal arguments on disputed extension of retired Ministry of Water Commissioner’s contract

17th September 2025 at 03:54
News

Hudu Hussein’s MP Bid Gathers Steam as Clan Leaders Endorse EX RDC Sole Candidate 

17th September 2025 at 00:19
News

Dr. Musoke Kisanja awarded global medal in UK 

16th September 2025 at 10:32
Next Post

BREAKING: Sudan's government has been dissolved

  • Kampala’s Nakivubo Channel Set for Transformation Under HAM Enterprises’ Visionary Project

    334 shares
    Share 134 Tweet 84
  • Haruna Towers the 16-floor masterpiece rising at Wilson Road to Transform Kampala’s Skyline forever

    241 shares
    Share 92 Tweet 57
  • Is Tycoon Sudhir Turning Crane Bank Properties into Supermarket Chain?

    219 shares
    Share 88 Tweet 55
  • Ham-Haruna: Two Brothers Unrelentingly Pushing Uganda Beyond Known Limits

    100 shares
    Share 40 Tweet 25
  • ### Sudhir Ruparelia Unveils One-10 Apartments: A New Era of Luxury Living in Kampala’s Heart

    92 shares
    Share 37 Tweet 23
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.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Eng. John Mary Vianne Twinomujuni has caused a storm by trying to cling on to office despite clocking mandatory retirement age

High Court to hear legal arguments on disputed extension of retired Ministry of Water Commissioner’s contract

17th September 2025 at 03:54

Hudu Hussein’s MP Bid Gathers Steam as Clan Leaders Endorse EX RDC Sole Candidate 

17th September 2025 at 00:19

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
Eng. John Mary Vianne Twinomujuni has caused a storm by trying to cling on to office despite clocking mandatory retirement age

High Court to hear legal arguments on disputed extension of retired Ministry of Water Commissioner’s contract

17th September 2025 at 03:54

Hudu Hussein’s MP Bid Gathers Steam as Clan Leaders Endorse EX RDC Sole Candidate 

17th September 2025 at 00:19

© 2025 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
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda