Uganda: Central Bank Transparency Code Review Report (CBTC)

Submitted by on Thu, 08/31/2023 - 18:43

The prior mentioned report discusses the transparency practices that the Bank of Uganda is executing in line with the ethical operations of central banks. With the results from the CBTC, the Bank of Uganda pursues refining public accountancy, communication, and transparency practices.

Generally, the sound structure and governance arrangements of the Bank of Uganda (BOU) are revealed with clarity but might perhaps be made more, within reach. For this reason, the Bank of Uganda has undertaken a legal amendment, the Bank of Uganda Act aiming for further transparency as well as addressing the shortcomings of the BOU legal structure.

Additionally, the CBTC had key recommendations, some of which included;

  1. The BOU's general legal structure, mandate, autonomy, and decision-making arrangements are disclosed, but they could be made more easily accessible.
  2. Transparency could be enhanced with more clarity on accountability arrangements.
  3. The BOU could enhance the transparency of its communications policy by disclosing the means, methods and forms of disclosure to its stakeholders.
  4. The BOU should consider compiling and developing a policy on confidentiality, including reasons for its decisions presented systematically.

Read more: