Last week, Bank of Uganda’s reputation hit a new low, following the release of a special audit report by the Auditor General into the Central Bank’s misconduct as it seized and wound up a total of 7 banks, between 1993-2017.
The report that was ordered by Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE), lifts the veil off the largely secretive BoU and for the first time, attempts to paint in detail how too much power, vested in the hands of a handful of individuals has allowed years of rot to go on unchecked. All the while, under the cover of “protecting depositors