By Leonard Kamugisha Akida,
NATIONAL
Forum for Democratic Change (FDC) has warned about the possible legal risks in using the signature of the deputy governor of the Bank of Uganda, Micheal Atingi-Ego on Ugandan currency notes.
The warnings follow recent statement by the BoU inwhich it indicated that the new Uganda shillings banknotes (issue year 2022) bear the signature of the deputy governor not the governor as required by the law.
“The public is hereby advised that BoU has issued into circulation banknotes, in the various denominations, that bear the signature of the Deputy Governor Mr. Michael Atingi-Ego and the year of print-2022,” BoU said in a statement.
Speaking to journalists at their party headquarters on Monday, John Kikonyogo, the party deputy spokesperson said it is unconstitutional for the deputy governor to sign on the currency because the legal tender of the currency notes must be signed by a substantive governor.
“Article 151(2,3,4) of the constitution of Uganda grants that the authority of the Bank of Uganda shall be vested in a board chaired by the governor, deputy governor and not more than five members. It is also clearly stated therein that the Board shall be incomplete where the governor is in absentia, I don’t know where does Atingi-Ego get the powers to sign on our money without the authority of the board,” Kikonyogo said
The Bank of Uganda Act, provides that Uganda Shilling banknotes issued by BoU shall bear the signatures of the Governor and the Bank Secretary.
The Bank however says that in the absence of the Governor, the Deputy Governor may sign in his or her place. In a March 13, 2023 statement, BoU said that the banknotes bearing the late governor’s signature (Prof. Emmanuel Tumusiime Mutebile) are associated with the earlier years of print which neither affects its status not the legal status of the newly issued currency notes.
Citing out the case of former deputy IGG Raphael Baku inwhich he was sued to court for signing various documents on behalf of his Boss and the decisions were annulled by the constitutional court, Kikonyogo questioned the legality of the Ugandan currency notes bearing the signature of Atingi-Ego.
“We don’t want to reach a stage as Uganda where billions of money has gone into circulation as legal tender and a concerned Ugandan takes the deputy governor to court that he had no authority to sign onbehalf of the governor,” he cautioned.
Besides the legal risks, FDC has tasked the government to give explanations on the delays of appointment of the Governor Bank of Uganda. They say absence of the governor affects the economy of Uganda.
