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By Our Reporter
The Auditor General’s December 2019 report has cited Bank of Uganda (BoU) as the most loss-making government entity, making losses of about Shs855.585 billion last year.
According to the breakdown, BoU had losses grow from about Shs424.113 million in profits the company recorded in 2018.
Recently MPs on the finance committee questioned another planned recapitalization of BoU with Shs480 billion.
The MPs raised the matter during the meeting in which finance ministry officials were presenting their ministry plans for the financial year 2020/2021.
During probe of BoU over the controversial closure of seven commercial banks, by parliament’s Committee on Commissions, State Authorities and State Enterprises (COSASE) that happened between late October 2018 and late February 2019, BoU officials failed to account for all of the Shs478 billion, said to have been injected into Crane Bank In receivership.
Meanwhile, the report presented by the Auditor General, John Muwanga says that in comparison to the previous year, 13 enterprises posted improved (increased profits or reduced loss) performance, with Uganda Electricity Generation Company, Uganda Property Holding and Civil Aviation Authority registering over 300 percentage increase.
Meanwhile, Uganda Development Corporation (UDC), Uganda Air Cargo Corporation and Bank of Uganda posted losses for the year from profit positions in the previous year with a reduction in performance of over 300 percent.
UDC made losses of Shs17.571 million from the Shs383.820 million profits the company made, while Kilembe Mines Limited maintained extended its loss-making streak in 2019 with Shs2.321,001,684 losses recorded an increment from Shs1,624,302,143 losses in 2018.
Other companies that recorded losses were Capital markets Authority (CMA) which made loss of Shs43,833,000, although this was a reduction from Shs1,330,205,000 the company made in 2018 and the other loss-making company was NEC Tractor Project whose losses soared to Shs389,305,722 up from Shs70,636,203 recorded in 2018.
