For Bank of Uganda (@BOU_Official), the Protection of Sovereignty Bill, 2026 could risk weakening Uganda's economy, currency and financial independence.
BOU Governor Michael Atingi Ego, who appeared before the Joint Committee on Defence and Internal Affairs and Legal and Parliamentary Affairs said that the Bill, in its current state, would restrict cross-border inflows, such as foreign investment, remittances and portfolio capital.
โA country without reserves is not sovereign,โ Atingi said, adding the country would experience a substantial depreciation of the currency if inflows fall, resulting in an economic disaster.
He said the bill also risks creating parallel oversight that could undermine the constitutional independence of the central bank. #11thParliamentEnds