Overview:
The UIA plays a crucial role in Uganda's industrial development, promoting investment, facilitating business growth, and advising the government on investment policies. Its mandate includes issuing investment licenses, providing incentives, and streamlining regulatory processes.
Uganda’s Finance Minister, Matia Kasaija, has dissolved the Uganda Investment Authority (UIA) board of directors, citing the organization’s Investment Code. The Minister terminated the board’s term earlier this week, paving the way for a new board.
Morris Rwakakamba, UIA’s outgoing board chairman, announced his departure, saying, “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.”
Under Rwakakamba’s leadership, UIA achieved significant milestones. “In the financial year 2021/22, licensed investments stood at 395, up from 256 in the previous year (2019/2020). Planned investments rose to $1.864 billion, up from $830 million, while planned direct jobs increased to 43,442, from 25,762,” UIA stated.
However, Rwakakamba’s departure comes amid controversy. State Minister for Finance, Evelyn Anite, and UIA Executive Director Robert Mukiza clashed over corruption allegations. Anite accused Mukiza of authorizing and benefiting from Shs 545m honoraria granted to UIA officials.
Mukiza defended himself, stating that UIA staff were enumerated for their ‘additional responsibilities’ during infrastructure works supervision. He also accused Anite of having a ‘personal interest’ in acquiring land for a solid waste water treatment plant and SME park in Namanve.
The dissolution of the board affects two members, Angelo Izama and Beatrice Mpairwe, whose contracts were recently renewed but terminated by Kasaija. A source revealed, “The two had just been reappointed to serve another term, but a letter came from Kasaija saying they had to go.”
The UIA plays a crucial role in Uganda’s industrial development, promoting investment, facilitating business growth, and advising the government on investment policies. Its mandate includes issuing investment licenses, providing incentives, and streamlining regulatory processes.
Observers warn that these dramatic events may harm Uganda’s investment climate. The incoming board will face challenges in maintaining investor confidence and promoting economic growth.