Following a damning special audit report by the Auditor General (AG) on 7 troubled banks, that revealed several gross errors, experts have called for sweeping reforms at Bank of Uganda.
Appearing on NTV’s Fourth Estate on Sunday, 23rd September 2018, both Dr. Fred Muhumuza, a Senior Economist and former adviser to the Minister of Finance and Dr. Patrick Wakida, a leading researcher and economist, called for a review of BoU’s independence, which in the present state was too wide and open to be abused as had been proven by the AG’s report. 
Muhumuza said that whereas the independence of the Central Bank is supposed to be limited to only monetary policy, there had been a blanket interpretation and application to include commercial bank supervision and this “too much independence