Uganda to start printing money locally

Share

Tweet

Share

Share

Email

Comments

KAMPALA – President Yoweri Museveni on Thursday witnessed the signing of a Memorandum of Understanding between Uganda and a German company, Veridos Identity Solutions Group, for the printing of Uganda’s security documents like banknotes, passports and cheques.

Three Ministers –Esther Mbayo for the Presidency, Matia Kasaija of Finance and Economic Planning and State for Investment and Privatization Evelyn Anite – signed the Memorandum of Understanding on behalf of Uganda while Dr Herman Sterzinger, Chief Operating Officer, initialled the document on behalf of the German Company.

Veridos Identity Solutions Group that was created with the aim of creating secure and pioneering identification and identity solutions, entered into a joint venture with the Uganda Printing and Publication Corporation (UPPC) on June 11th 2016 after winning the bid.

In the meeting that took place at State House Entebbe, President Museveni noted that this new venture would save Uganda a lot of money that it has been spending on printing documents from abroad.

“There was haemorrhage of resources that was unjustified. Money was going out to print currency notes for a long time. About $25 million was spent each year to create Ugandan currency,” he said.

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.

Comments