The ruling party youth under their umbrella organisation “The Uganda Poor Youth Movement [UPYM]” has called on the Speaker of Parliament Rebecca Kadaga to summon the governor of Bank of Uganda, Emmanuel Tumusiime Mutebile, over the failing economy.
Kato Isa, the UPYM national coordinator, says like any other Ugandans, the youth are also still waiting to hear the position of government regarding the status of the economy.
He said the public is largely depending on rumors and hearsay that has come out to be true with the recent being the takeover of Crane Bank by BOU.
“Before we go any further, let us furnish Ugandans on the mandate of BOU particularly on banking and financial institutions.”
BOU is mandated to license, regulate and supervise operations of the financial institutions in Uganda.
Under the law, no financial institution can start before obtaining a banking license from BOU; these are reviewed annually for purposes of renewing.
According to the youth, the central bank has failed in its duties as a regulator of all commercial banks in the country.
They say given the mandate of BOU as per the laws of Uganda, the institution has failed on its oversight role as far as the economy is concerned.
“There oversight is only in existence during political campaigns.”
They also accuse the Bank of Uganda of being inconsistent in its communications regarding the financial management of the economy.
“They keep changing statements.”
The youth also believe the Bank of Uganda has glaringly failed in capacity and by common sense to predict and foresee events that can affect the whole economy and putting Ugandans at risk all the time and that all the economy is grossly mismanaged.
It is said that actually Crane Bank Directors had put up measures to recapitalise but BOU refused and they already lined up a buyer so that their officials earn a commission.
“We would like to request the Speaker of Parliament to summon BOU officials to explain to Ugandans what exactly is happening.”
The statement adds: “Failure to do so, we shall ask our people to withdraw money from all banks and keep it at home until we are assured of a transparent system of managing our economy.”