Parliament Should Not Throw Good Money After Bad Money

Bank of Uganda head office Bank of Uganda head office

The idiom “throwing good money after bad” refers to spending more money on something problematic that one has already spent money on, in the (presumably futile) hopes of fixing it or recouping one’s original investment.

Whereas recapitalizing Bank of Uganda is a strategic and urgent business for parliament, it should also be equally urgent and strategic to quickly implement the COSASE recommendations on restructuring both the management and regulatory regime at the central bank.

The people who are behind the mistakes that led to the need for recapitalization cannot be the same people to manage the recapitalized central bank. That would be the equivalent of throwing good money at bad money!

Insanity is doing the same thing over and over again and expecting different results. BoU potentially faces up to UGX1trillion in lawsuits as a result of the findings and recommendations of COSASE. Parliament should not put the proverbial cart before the horse. Bank of Uganda needs overhauling first before anything else.

In the Judas story

They are trying to claim that the money central banks wants is to cover the money spent on Crane Bank

Yet the 478b stolen in the name of Crane bank limited has never been accounted for. In fact Auditor General report is clear.

It appears the hyenas at Bank of Uganda want to steal another 484b after stealing 478 in the name of Crane Bank.

They are all thieves trying to fight over the loot.

You can’t just take a request to parliament to give u 484.2b before u account for 478b stolen in the name of Crane Bank capitalization.

This is the right time for MPs to ask the hard questions before authorizing Capitalization of Bank of Uganda.

The MPs on Finance Committee and Parliament must open their eyes to the fact that put license funds must be accounted for.

Totally agree and maybe they need to consider management changes as well

You cannot just pump money in a financial institution that has been investigated and found wanting in terms of accountability/professional standards.

The Cosase report proposed a cleanup among other reforms at Bank of Uganda.

It’s true Bagyenda left Bank of Uganda but she was not the only person who messed up Closed Banks. Many officials who messed up and these are the same people salivating to receive 484b. Let’s get serious for once

Management team used to be highly regarded but have turned into thieves.

SOURCE: Command1Post

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