On May 24, 2017, the Minister for Planning, David Bahati, tabled motion for a resolution of Parliament to authorise government to increase the share capital of Housing Finance Bank, saying it would enable the bank expand mortgages in line with government policy, and to deal with other capital requirements set by Bank of Uganda. But MPs on the finance committee punched holes in the capitalisation dream, and by the time Bahati woke up, he had to contend with a minority report that left more questions than Bahati could answer. The minister opted out.
David Bahati, the state minister for planning, took to the floor of Parliament on January 8 and glumly conceded defeat in the government’s effort to recapitalise Housing Finance Bank to a tune of Shs60 billion.
The attempt to recapitalise the public bank had generated one too many questions than the government appears to have anticipated as it could only respond to so much.
After tabling and reading of both the majority and minority report, Speaker of Parliament Rebecca Kadaga opened up debate for MPs to contribute to both reports.
But hardly had ten MPs reacted to the report findings than Bahati, interrupted the debate, announcing government’s position to defer debate to allow the Ministry of Finance avail responses to the questions being raised.
Richard Gafabusa Muhumuza (Bufumbira County) demanded to have answers raised in the minority report provided before the motion is supported.
“These questions by minority report need to be answered and clear answers will come when we have a clear audit report. I support the minority report that we stay the recapitalisation,
