EA Central Bank to be constructed at Naguru – Kadaga

By Ben Musanje

29^th July 2022

A plot by some member states to obstruct Uganda from hosting the East African Central Bank in Kampala was foiled, the First Deputy Prime Minister and the Minister for East African Affairs, Rebecca Kadaga has disclosed.

The East African Community Council of Ministers had set 1st July 2021 as the date for the inception of East African Monetary Institute- EAMI in Kampala which is a transitional mechanism to the regional Central Bank that will issue the single currency, planned to be in place by the year 2024.

Addressing the media in Kampala this morning, Kadaga said that they rejected a valuation report conducted in Uganda by the verification committee that was not satisfactory when it gave priority to hosting the regional central bank to Tanzania, claiming that the neighboring country had not enough institutions of the community which is not true.

Kadaga says that the report was fraudulent since Tanzania hosts most of the community institutions including the Court of Justice, Headquarters and the East African Legislative Assembly that are all based in Arusha.

Kadaga insists that Uganda is still in the race and ready to host the regional central bank with the land where it is hoped to be constructed being found at Naguru in Nakawa division.