28-4-2026.
#BOU #ON #SOVEREIGNTY #BILL
Bank of Uganda Governor Michael Atingi-Ego has warned that the proposed Protection of Sovereignty Bill could weaken Uganda’s economy, currency and financial independence.
“A country without reserves is not sovereign. Restricting cross border inflows such as foreign investment, remittances and portfolio capital will reduce the resources Uganda uses to finance imports and build reserves," he said on Tuesday 28-4-2026 while appearing before the Joint Parliamentary Committee on Defence and Legal Affairs.
He warned that once such inflows fall, Uganda could have a substantial depreciation of its currency, and running down reserves would pose an economic disaster for the country.
Atingi-Ego also cautioned that investors need open access to economic information, saying criminalising publications deemed harmful to the economy would damage confidence and increase borrowing costs because “markets rely on information, a wide array of information to do their pricing.”
He further said the Bill risks creating parallel oversight that could undermine the constitutional independence of the central bank.
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