The Governor of the Bank of Uganda, Michael Atingi-Ego, has raised concerns that the proposed Protection of Sovereignty Bill 2026 could negatively impact Uganda\u2019s financial stability if it disrupts foreign inflows.<\/p>\n
Appearing before the Parliament of Uganda, Atingi-Ego emphasized that a country\u2019s sovereignty is closely tied to the strength of its financial reserves.<\/p>\n
\u201cChairman, a country without reserves is not sovereign. The potential of this Bill to destabilize Uganda\u2019s balance of payments is our primary concern as a central bank,\u201d he said.<\/p>\n
He explained that Uganda recorded a balance of payments surplus of about USD 1.5 billion in the last financial year, which helped boost the country\u2019s reserves to nearly USD 6 billion.<\/p>\n
According to the Governor, these gains are largely driven by steady inflows of foreign exchange, which could be affected if the bill restricts financial interactions with external partners.<\/p>\n
\u201cThe moment you tamper with these inflows, we risk running down our reserves, and that is economic disaster for a country,\u201d he warned.<\/p>\n
His remarks add to growing debate around the bill, with economic and political stakeholders raising concerns over its potential impact on investment, remittances, and overall economic stability.<\/p>\n
Bank of Uganda Governor Atingi-Ego warned that the Sovereignty Bill could weaken Uganda\u2019s economy by disrupting foreign inflows, risking a decline in reserves and financial stability.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Governor of the Bank of Uganda, Michael Atingi-Ego, has raised concerns that the proposed Protection of Sovereignty Bill 2026 could negatively impact Uganda\u2019s financial stability if it disrupts foreign inflows. Appearing before the Parliament of Uganda, Atingi-Ego emphasized that a country\u2019s sovereignty is closely tied to the strength of its financial reserves. \u201cChairman, a […]<\/p>\n","protected":false},"author":4,"featured_media":8789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[409],"tags":[925],"class_list":{"0":"post-8788","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national","8":"tag-bank-of-uganda"},"yoast_head":"\n