Currency: Bickering not helping BoU investigation

Bank of Uganda. File Photo.

What you need to know:

  • The issue: BoU currency saga
    Our view: All those who have been issuing statements are within their rights, but they should not be issuing statements that serve to undermine other State agencies.

Since Monday, the public has been treated to contradictory messages from the police, the Uganda Media Centre, Bank of Uganda and the State House’s Anti-Corruption Unit about the focus and nature of investigation that has been going on at the Bank of Uganda.
Since last week when Bank of Uganda Governor, Mr Tumusiime-Mutebile, issued a statement saying he had requested for an investigation into “an anomaly in the inventory” of a consignment that the Bank had been expecting, the Bank has been coming across as a house in disarray and one over which Mr Tumusiime-Mutebile no longer has full control.
Matters were not helped by reports in both the mainstream and social media that pointed to allegations that some officials in the Bank had colluded to order for the printing of Shs90b, which they had been pushing into circulation.
False or imaginary, the two developments serve to undermine public and investor confidence in the central bank and the financial systems. Against such a background, one would have expected the spokesperson of the agencies involved in the investigation to read from the same page, but no. They will not do that.
On Monday, the spokesperson of the police, Mr Fred Enanga, revealed that the police had recovered some documents that pointed to the printing of extra currency notes and that the Force was investigating whether proper currency printing protocols had been followed.
Since the investigation began, the head of State House’s Anti-Corruption Unit, Lt Col Edith Nakalema, has been unequivocal in telling the police that the Police is leading the investigation. It, therefore, came as a surprise to members of the public that the executive director of the Uganda Media Centre, was quick to issue a statement on Tuesday in which he called for a retraction of Mr Enanga’s comments describing them as “absurd” and “misleading”.
What we, however, find truly absurd is that Mr Opondo who called on the Inspector General of Police, Mr Okoth-Ochola to “deal with his people,” questions where Mr Enanga got his information from. One would have known that Mr Enanga was speaking as the voice of the lead investigator in this case. Was this meant to be rhetorical?
Early afternoon yesterday, the head of State House’s Anti-Corruption Unit, Lt Col Edith Nakalema, told a gathering at Hotel Africana that the investigation had nothing to do with printing money.
All those who have been issuing statements are within their rights, but they should not be issuing statements that serve to undermine other State agencies or those that they lead. The public needs to see a team pulling in the same direction, not one that is haggling.

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