US EditionUganda Central Bank Says Proposed Sovereignty Law Could Trim ...
The central bank said the bill could reduce foreign inflows, weaken reserves by $6 billion and push up inflation, risking the shilling.
- On Tuesday, Bank of Uganda Governor Michael Atingi-Ego warned lawmakers the Protection of Sovereignty Bill 2026 risks choking financial inflows, depleting reserves, and triggering inflation. He stated tampering with inflows risks "economic disaster for a country."
- Introduced on April 15, the government defends the legislation as "sovereignty protection" against foreign interference, while critics describe the bill's broad definition of "agents of foreigners" as a "Pandora's box of ambiguities."
- The World Bank, managing a $4.74b portfolio across 18 development programmes, and the Bank of Uganda criticized the bill's potential to sabotage $2.5b in annual remittances classified as coming from "foreigners."
- UN Resident Coordinator Leonard Zulu warned Parliament that the bill risks violating the 1969 Vienna Convention on treaty obligations, stating it risks "moving from sovereign regulation to treaty inconsistency."
- As the 11th Parliament's term expires next month, lawmakers face pressure to fast-track the legislation despite warnings the bill could derail Uganda's goal of growing its economy ten-fold to $500 billion by 2040.
12 Articles
12 Articles
UGANDA: CENTRAL BANK WARNS ‘SOVEREIGNTY BILL’ THREATENS ECONOMIC STABILITY
KAMPALA, Uganda – Uganda’s central bank warned on Wednesday that a proposed law aimed at curbing foreign political influence could trigger a flight of capital, erode foreign exchange reserves, and stoke inflationary pressures. The Bank of Uganda (BoU) issued the warning during parliamentary hearings for “The Protection of Sovereignty Bill, 2026.” Introduced in mid-April, the legislation would require any Ugandan citizen or organization receivin…
BoU Sounds Alarm: ‘Sovereignty’ Bill Will Bury Uganda’s Economy
By Spy Uganda What is billed as a shield for Uganda’s sovereignty may instead rattle its economic foundations, Bank of Uganda Governor Michael Atingi-Ego and Deputy Governor Augustus Niwagaba warned, citing risks of capital flight, reserve depletion, and rising debt costs. The bill, tabled on April 15 by State Minister for Internal Affairs Gen. David…
BoU Explains Why First Oil Revenue Won’t Bailout Uganda’s Economy » Business Focus
Michael Atingi-Ego, Governor, Bank of Uganda The Bank of Uganda has revealed that the anticipated revenue from Uganda’s oil production will not be enough to shield Uganda from the economic sabotage that will follow the passing into law The Protection of Sovereignty Bill, 2026. This is because most of the revenue will go towards payment of debt for the loans Government has acquired to prepare Uganda for oil production. The revelation was made by …
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