Financial-mismanagement affects economy

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Poor banking and poor financial institutions’ performance have greatly affected the economy directly, said the Vice President for Economic Cluster, Dr. James Wani Igga.

Dr. Igga admitted that the Central Bank should be reformed in all its structures, regulatory systems, functions as well as its performance and policies in order to boost the economy of the country.

Speaking during a one day’s workshop organized by the Economic Crisis Management Committee (ECMC) to discuss the ways of reforming the economy in the country, Dr. Igga said the poor practices in the Central Bank and other financial institutions have put the country’s economy at risk.

“Poor banking and financial institutions performance directly affects the economy, this is our problem now in the country especially our Central Bank contributed to this economic crisis that is why we are struggling,” Dr. Igga acknowledged.

Dr. Igga said the desperate discloser of the transparency about financial position of   the Central Bank, poor data policy, poor supervision and the enforcement of the banking act, unstructured governance in the Central Bank, poor policy in relation to investment and rampant corruption in the country whether in the bank or outside the bank and many other bad practices have made the Central Bank to go the wrong direction.

“We must strengthen our financial system, we must go electronic way, we must improve our payment system and we must improve the operation of our bank through supervision, better regulation and the Central Bank needs to be independent within government framework to successfully carry out momentary policies,” he added.

However, he called on the officials working in such institutions to reform saying that it was the responsibility of everyone in the country to make reforms a top agenda.

“Therefore, we are going to add reforms in our Central Bank including the structures, regulatory system, functions and performance in the Central Bank.”

He said reforming the banking and financial institutions in the country was part of the implementation of the Revitalized Peace Agreement.

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