The Bank of Uganda (BoU), the country’s Central Bank made a whopping loss of Shs855.58bn in 2019, up from Shs424.11bn profits recorded in 2018, the December 2019 Auditor General’s report has revealed.
This makes the Bank headed by Prof. Emmanuel Tumusiime-Mutebile (pictured) as the Governor the most loss making public agency in Uganda.
The report whose authoring was overseen by Auditor General, John Muwanga highlighted that in comparison to the previous year, 13 enterprises posted improved (increased profits or reduced loss) performance, with Uganda Electricity Generation Company, Uganda Property Holding and Civil Aviation Authority registering over 300% percentage increase.
The report says that Uganda Development Corporation, Uganda Air Cargo Corporation and Bank of Uganda posted losses for the year from profit positions in the previous year with reduction in performance of over 300%.
Uganda Development Corporation made losses of Shs17.57bn from the Shs383.8m profits the company made, while Kilembe Mines Limited extended its loss making streak in 2019 with Shs2.32bn losses recorded from Shs1.62bn losses in 2018.
The other companies that recorded losses were Capital markets Authority Shs43.83m, although this was a reduction from Shs1.33bn the agency made in 2018.
The other loss making company was NEC Tractor Project whose losses soared to Shs389.3m, up from Shs70.63m recorded in 2018.