President Yoweri Museveni on Thursday signed a memorandum of understanding with a German company, paving way for Uganda to starting printing its own money locally.
Veridos Identity Solutions Group will also print Uganda’s security documents like passports and cheques apart from bank notes.
The development comes after 2 years ago the Governor Bank of Uganda Prof. Tumusiime Mutebile opposed the idea, saying it would increase counterfeits as people could easily gain access to printing materials.
The signing of the MoU took place at State House and officials said Veridos Identity Solutions Group won the bid to print money and other security documents for Uganda on June 11, 2016 with the Uganda Printing and Publication Corporation (UPPC).
The signing of the agreement, according to State House, was also witnessed by three ministers – Esther Mbayo for the Presidency, Matia Kasaija of Finance and Economic Planning and that of State for Investment and Privatization, Evelyne Anite.
Dr. Herman Sterzinger represented Veridos Identity Solutions Group as the Chief Operating Officer.
At the signing of the MoU, President Museveni argued that printing documents and money from the country would save the government a lot of money that it has been spending on printing documents from abroad.
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“There was hemorrhage of resources that was unjustified. Money was going out to print currency notes for a long time. About US$25 million was spent each year to create Ugandan currency,” he said, according to the State House statement.
Mr. Museveni, who thanked the German company for its joint cooperation, criticized government officials for taking too long to act on such crucial matters that affect the country. He added that licensing bodies must not over price working licenses for investors because it cripples investment and discourages potential investors.
“These things of taking two years to deliberate on such matters must stop. Why did you spend two years discussing something that was so obvious?” he asked.
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