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Written by  Aug 05, 2017

International donors led by the International Monetary Fund (IMF) have threatened to withhold donations to Uganda over the rot at the supervision department of Bank of Uganda (BOU).

The IMF through a report released last week has directed immediate sacking and suspension pending investigation of all individuals implicated in the collapse of Crane Bank for incompetence and corruption.
It should be noted that the Governor Tumusiime – Mutebile, who himself has been governor since 2000 came out this week and said he was “sorry” but maintained he was not criminally culpable.
He laid the blame squarely on BOU’s directorate of supervision headed by a one Justine Bagyenda, who Ugandan taxpayers pay UGX36m per month as salary.
The Washington based organization has further directed that BOU itself be audited to restore its credibility and smoke out corrupt individuals from the central bank. BOU was last audited 12 years ago.
The document titled 2017 Article IV Consultation and Eighth Review Staff Report that Eyewitness24 has seen further recommends the a comprehensive forensic audit report to be conducted as soon as possible into the entire commercial banking sector which is riddled with irregularities.
IMF wants the forensic audit report to establish whether the bank meet the Basel III capital requirements and serious conflicts of interest scattered everywhere such as BOU’s lead external lawyer being a chairman of a commercial bank which raises a conflict of interest.

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Last modified on Saturday, 05 August 2017 12:15
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