MinBane

I write what I like.

Bosco was warned in 2016 about printing own currency, but in 2018: Goes ahead with it anyway!

The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.” Ernest Hemingway

There are someone who doesn’t listen to advise, even when it is well written and with shown data to President Yoweri Kaguta Museveni in October 2016, as there was reports and even made deals at the State House on the 7th October 2016. As the meetings was already ensuring and securing the deals between the Government and the printing company Veridos GmBh. By that time the Veridos company had delivered their commitments to print currency in Uganda. Also a comprehensive business plan that envisioned the proposed joint venture between Veridos and the government.

Now it is the 10th October 2018. Surely for many or plenty, this sort of an agreement is forgotten. Again, today at Entebbe State House, the deals was sealed.

As the Chimps Reports stated: “In the meeting that took place at State House Entebbe on Thursday afternoon, President Museveni noted that this new venture would save Uganda a lot of money that it has been spending on printing documents from abroad. “There was hemorrhage of resources that was unjustified. Money was going out to print currency notes for a long time. About US$25 million was spent each year to create Ugandan currency,” he said” (Kyatusiimire, 2018).

He is saying this without saying the cost of what sort of agreement the government has with company they are already using. As the lack of openness is shown from the state. That is why in 2016, the documents leaked and today, they just came on a government friendly web-paper.

To long:

Interestingly, Mr Museveni, who thanked the German company for its joint cooperation, criticized government officials for “taking too long” to act on such “crucial matters that affect the country.” He added that licensing bodies must not “over price working licenses for investors because it cripples investment and discourages potential investors. “These things of taking two years to deliberate on such matters must stop. Why did you spend two years discussing something that was so obvious?” he wondered” (Kyatusiimire, 2018).

That wasn’t obvious to the Governor of Bank of Uganda Prof. Emmanuel Tumusiime-Mutebile or the Minister for the Ministry of Finance, Planning Economic Development Matia Kasaija, who both was skeptical, not only because isn’t a company who is known for producing currency, secondly the costs are likely to be more, than what they have today and last the possibility for more forgery. All of this data was scrapped, as Bosco had decided himself.

So for some weird reason, Bosco want to take a bad deal, which his experts has said is a bad deal. He complains that his experts has made it takes this, because they didn’t have faith in the project. All been done at the State House, as it was started in 2016 and rewinds again in 2018. What value has the Governor of the BoU and Finance Minister, when their words are meaningless towards Bosco?

Someone please tell me, because I got nothing. Peace.

Reference:

Sharon Kyatusiimire – ‘BREAKING: Uganda to Print its Own Money Locally’ 04.10.2018 link: https://chimpreports.com/breaking-uganda-to-print-its-own-money-locally/

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