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Home > Featured > COSASE Boss Munyagwa Begins To Bite, Summons Muhakanizi Over BoU Mess

COSASE Boss Munyagwa Begins To Bite, Summons Muhakanizi Over BoU Mess

The Parliamentary committee on Commissions, Statutory Authorities and State Enterprises (COSASE) Chairperson, Mubarak Munyagwa has started biting after summoning Keith Muhakanizi, the Secretary to the Treasury, over Bank of Uganda (BoU) operations.

This is after BoU Deputy Governor; Dr. Louis Kasekende failed to produce a letter from Muhakanizi appointing Governor, Emmanuel Tumusiime- Mutebile as accounting officer of the Central Bank.

Kasekende was Tuesday appearing before COSASE to represent his boss, Mutebile to answer questions related to Auditor General’s report.

The lawmakers wondered if BoU actually has the accounting officer who controls and accounts for funds.

 When quizzed on where they get powers to spend money not appropriated or approved by relevant authorities,  Kasekende said that they have a letter from Secretary to the Treasury Muhakanizi giving powers to the governor as the accounting officer.

However, when asked to produce the letter, he (Kasekende) asked for more time to look for it.

In his defense, Kasekende said that whereas it is true that Bank of Uganda does not have the powers to appropriate funds for itself, the bank is allowed to spend monies received as the profits before it is deposited to the consolidated Account.

After long consultation and legal advice, Munyagwa, who doubles as the Kawempe South MP adjourned the meeting and also directed the clerk to the Committee to summon the Muhakanizi to appear together with BoU officials today.

Article 161 of the Constitution says that the authority of the Bank of Uganda shall vest in a board which shall consist of a governor, a deputy governor and not more than five other members- all to be appointed by the President with the approval of Parliament.

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