Deputy Governor Bank of Uganda (BoU), Michael Atingi-Ego
The Deputy Governor Bank of Uganda (BoU), Michael Atingi-Ego has asked parliament for more time to present the institution’s opinion on the proposed amendments to Article 161 of the Constitution regarding the composition of the Central Bank’s board and others, URN reports.
Atingi-Ego together with the BOU Legal Counsel Margaret Kaggwa Kasule had today appeared before the Legal and Parliamentary Affairs Committee to respond to the proposed Constitutional Amendment Bill, 2020 introduced by Igara East MP, Michael Mawanda.
The Bill before the Committee seeks to separate the fusion between the BoU management from the Board of Directors by proposing to remove the Governor and the Deputy Governor from being Chairperson and Deputy Chairperson respectively of the board of directors of the Central Bank.
In his statement to the Committee last week, MP Mawanda argued that the Central Bank Board needs to be independent of the management so that it can carry out supervision without interference and conflict of interest.
“The Object of the Bill is to amend the Constitution of the Republic of Uganda following the passage of a Parliament Resolution on 28th February, 2019 to remove the Governor and Deputy Governor from being Chairperson and Deputy chairperson respectively from the board of directors of the Central Bank; to provide for the functions of the Governor and to provide for the Governor as the Chief Executive Officer of the Central Bank; to provide for the resignation of a member of the board,” a copy of the Bill reads in part.
