Uganda Investments Authority face Ssegona’s COSASE

The Committee on Commissions, Statutory Authorities and State Enterprises-COSASE met officials from Uganda Investments Authority U.I.A to listen to their responses to the Auditor General’s queries against the U.I.A Financial Statement for the 2021-2023.

Uganda Investment Authority (UIA) set up under the Investment Code 1991 (revised in 2019) is a statutory agency mandated to initiate and support measures that enhance investment in Uganda and advise the Government on appropriate policies conducive to investment promotion and growth. The changing investment environment and Government priorities have necessitated the modification of UIA’s mandate.

Uganda Investment Authority is a semi-autonomous government agency which drives national economic growth and development in partnership with the private sector. As an Investment Promotion Agency, UIA mainly: markets investment opportunities; promotes packaged investment projects; ensures local and foreign investors have access to information, especially about the business environment so as to make more informed business decisions; and offers business support, advisory and advocacy services.

The team was led by U.I.A Director General Dr Robert Mukiza, the Accounting Officer.

Though the AG’s report was Unqualified opinion – or clean opinion meaning that the financial statements present fairly in all material respects, the financial position and results of the entity, the Auditor General raised some queries that the accounting officer was required to give his responses including;

1. Budget performance: Though U.I.A surpassed their budget for the 2022/2023 Financial year, It was established that the Authority under-budgeted.
2. ⁠Payroll Management/Audit; Queries arising from the actual number of Staff at the Authority.
3. ⁠Misscharge of funds; was another issue that angered members of the committee who discovered that money’s had been diverted from the activities for which they were budgeted and channel to other departments which had exhausted their budget.
4. ⁠The committee chair Hon. Medard Lubega Ssegona also asked the Director General to explain if Uganda Investment’s Authority only promotes investment in Industries/manufacturing and table evidence for various types of investors.

On Wednesday, COSASE will continue it’s investigations of Uganda Wildlife Authority (UWA) following the Auditor General’s indictment due to embezzlement and fraud of an estimated 500M in the infamous GoCHIMP scandal – a gorilla tracking system.