Kampala, (UG):- Uganda’s Finance Minister Matia Kasaija has dissolved the board of directors of the Uganda Investment Authority (UIA), DailyExpress understands.
Earlier this week, Kasaija informed the board of the termination of its term of office. A new board is being established, according to informed officials. Both Kasaija and his deputy, Evelyne Anite were unavailable for comment as they were attending a meeting.
Outgoing UIA board chairperson, Morris Rwakakamba today announced on X platform that his tenure had come to an end. “Today marks the end of my tenure as Chairman of Uganda Investment Authority. I am so thankful to President Museveni for the opportunity to serve and Ministers of Finance, Board and staff of UIA for the support,” said Rwakakamba.
Rwakamba joined the UIA Board six years ago, first as a member and Chairman of the Board’s Investment Promotion and Public Relations Committee (IPPRC).
In June 2021 when the then Chairman, Dr. Emely Kugonza, left to join parliament, President Yoweri replaced him (Kugonza) with Rwakakamba, a role he played till today (three years and three months).
UIA said in a statement that despite Rwakakamba taking the reins at UIA amidst the COVID-19 pandemic which disrupted business, investments, and people’s way of life, he, in concert with the management and staff, not only ensure business continuity but also superintended various initiatives to “bring business, investments and the economy back”.
“In the financial year 2021/22, his first year as Chairman, licensed investments stood at 395, up from 256 in the previous year (2019/2020). Planned investments rose to $1,864,931,126 billion, up from $830,604,485 million in the previous year, while planned direct jobs upped to 43,442, from 25,762 the previous year,” said UIA today.
According to local outlet ChimpReports, it is reported that two board members – Angelo Izama and Beatrice Mpairwe – whose contracts were recently renewed, also had their new terms of office terminated by Kasaija.
“The two (Angelo and Mpairwe) had just been reappointed to serve another term but a letter came from Kasaija saying they had to go,” said a source, adding, “The last few months have been turbulent for the authority – in their (Finance Ministry) wisdom, this is what they have decided.”
The development comes against the backdrop of a series of clashes at UIA between Investment Minister Evelyn Anite and the Authority’s Director General Robert Mukiza with the minister acting in accordance with the UIA’s Investment Code which grants him the powers to dissolve the board.
Hon Anite accused Mukiza of authorising and benefiting from Shs 545m honoraria granted to UIA officials who supervised construction works at Namanve Industrial Park, which honoraria was drawn from a loan secured by the government for the park’s development according to the minister.
In his defence, Mukiza said the UIA staff were enumerated for their ‘additional responsibilities’ during the supervision of the infrastructure works following the termination of the Owner’s Engineer (OE) on August 29, 2022, arguing that the honoraria was approved by the UIA board.
The UIA ED also told President Museveni that Anite had a ‘personal interest’ in the acquisition of land for the establishment of a solid wastewater treatment plant, SME park and campsite in Namanve.
Anite denied the accusations, saying meetings held with the UIA Management and the Board of Directors agreed on actions to be taken on the acquisition of the land and nominated a team to negotiate its purchase.
Observers have warned that these dramatic scenes covered widely by the media threaten to tarnish Uganda’s investment climate.
In May 2024, UIA’s Deputy Director General, Paul Kyalimpa, resigned to “undertake professional training for more than one year, that requires intense concentration and dedication.”
However, in his letter, Kasaija did not provide reasons for his decision.
Do you have a story or an opinion to share? Email us on: [email protected] Or join the Daily Express WhatsApp channel for all the latest news and trends or join the Telegram Channel for the latest updates.
