Go slow on Sovereignty Bill, Bank of Uganda, UN tell govt

The central bank has warned that the Protection of Sovereignty Bill, if enacted in its current form, risks derailing the government’s flagship development plan to grow Uganda’s economy ten-fold to $500 billion by 2040.

Dr Michael Atingi-Ego, the Bank of Uganda governor, told lawmakers on Tuesday that the draft legislation was likely to choke financial and capital inflows and adversely affect the country’s Balance of Payment (BoP), leading to depreciation of the Ugandan shilling and eventual inflation.