A section of highly recognized Lango leaders who attended a two-day meeting organized by the Bank of Uganda at the Margarita Palace Hotel last week voiced continuous concern over the currency center.
“You can dodge all other things, but build a currency center in Lira,” said Lira City Mayor, Atul.
In a heated discussion and reactions, backed by some of the leaders in the Lango sub-region, they have again expressed their concern about the Bank of Uganda being kind and building a currency center in Lira.
According to Lira City Mayor Sam Atul, “The truth is that the key takeaway for the Bank of Uganda is that a currency center must be built in Lira.”
Atul told the Deputy Governor of the Bank of Uganda, Michael Atingi Ego, that they can prioritize this issue for now, and it’s crucial for the people of Lango to have their say on the matter.
Atul also wants the government to support and invest in microfinance if the Lango sub-region is to develop.
Mayor Sam Atul blamed most of the commercial banks for the high interest rates they offer to their clients for loan repayment and other transactions. He said the government should stop borrowing from within the economy because commercial banks find it safer to lend money to the government than to individual borrowers.
Mayor Sam Atul stated that most commercial banks do not even issue certificates to their clients after successful loan repayment and completion of transactions.
“Nothing! Even us leaders are not considered; you are just an ordinary citizen, nothing,” Atul expressed.
According to him, there is no trust in commercial banks. However, he disclosed that people are tired of the common practice of extensive documentation in most of the commercial banking institutions in Lira.
MP Johnathan Odur of Erute South constituency, Lira district, noted that Bank of Uganda has been providing very accurate statistics. However, as a region, they expect the Bank of Uganda to follow through with its commitment to building a currency center in Lira.
Lira district LCV Chairman, Mr. RCM Okello Orik, emphasized that Lira is a powerful business center and requested the Deputy Governor of the Bank of Uganda to consider their request, adding that there’s available land for constructing the currency center in Lira City.
He also mentioned that the late Mutebile had made a promise regarding the establishment of a currency center in Lira, and they hope this promise will be honored.
In his response to the media during an exclusive interview last Friday about the issues of the ACF loan and the currency center demand, Deputy Governor of the Bank of Uganda, Michael Ego, stated that they conducted an analysis of beneficiaries by region. In this analysis of the Agricultural Credit Facility (ACF), Northern Uganda accounted for only 4 percent. He considered the concerns raised as part of a constructive dialogue and mentioned that they would forward the issues to the top management. He also assured that the matter of the currency center would be reviewed.
The Director of the Chamber of Commerce for Northern and Eastern Uganda, Mr. Bosco Ogwang Edola, told the Deputy Governor of the Bank of Uganda that “Lira City is among the top revenue-generating cities in Uganda.” Edola noted that the crowd gathered in the hall wanted to hear an acceptance from the Bank of Uganda to build a currency center in Lira.
He added that the Deputy Governor should take into account what the former governor, Mutebile (RIP), told the people of Lira years ago about the establishment of a currency center.
“We don’t know our fate. If you tell us you are going to review, that means we are going to be taken back,” Bosco Ogwang Edola expressed.
The issue of the currency center remains the most pressing question for the business community and the entire Lango sub-region, and they seek a practical solution rather than just words.
