The State Minister for Finance, Planning and Economic Development (General Duties), Henry Musasizi has expressed surprise at the low cost of the planned building project for the Institute of Certified Public Accountants of Uganda (ICPAU).
Minister Musasizi, who presided over the groundbreaking event, sat attentively as the design features and the amenities to be in the building were being read out by the construction committee, and finally the cost of the project of 10 billion shillings.
Musasizi asked Seyani Brothers and Company Uganda Ltd how they came up with the cost, adding that a project of that size could cost the government six times more.
The project is part of the ICPAU five-year strategic plan and will be funded by the members’ savings, and any possible donations and support from the government. However, Minister Musasizi opposed the idea of looking for donations, stating that the support can be obtained from internal sources and government agencies associated with the Ministry of Finance.
The five-floor building, with underground parking, will be situated at Plot 42 Bukoto Street in Kamwokya, Kampala, serving as the headquarters of the regulator of the accountancy profession in Uganda.
The site for the project is the former head office of the Institute and has been demolished to pave the way for a more convenient and modern facility, according to Josephine Ossiya, the President of ICPAU, who is also the Chief Executive Officer, Capital Markets Authority.
She said the project idea was conceived 10 years ago, and construction will be done within one year, with the handover expected in November next year.
When the building is complete, it will among other things host training rooms, a development that is expected to greatly enhance the training function of the institute. The Institute also has several properties not yet developed, including its building on the same road that is currently temporarily housing its headquarters, as well as five acres of land at Lubowa along Entebbe Road.
Ossiya says this will be developed after plot 42, as it is likely to cost more, and the institute will be seeking partners to fund the Lubowa project.
The new building is also designed following sustainability construction and operations standards, including provision for natural lighting, solar energy, and natural aeration, on top of using locally sourced materials.
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