Uganda’s investment agency, the Uganda Investment Authority (UIA), is facing questions over its spending after sponsoring investment promotion events with Shs 55 million, a violation of the Charter for Fiscal Responsibility.
During a parliamentary hearing, UIA Director General Robert Mukiza justified the expenditure, citing existing partnerships and the need to fulfill commitments. He acknowledged concerns raised by the Auditor General and vowed to implement measures for proper budgetary allocation.
MPs, however, remained skeptical, demanding a detailed list of the sponsored events and questioning the recruitment process that led to unspent funds. Hon. David Karubanga argued that UIA’s mandate shouldn’t necessitate recruitment difficulties.
Despite the scrutiny, the committee acknowledged UIA’s contribution to the growing investment sector. Licensed projects have increased from 390 to 607 in two years, and Uganda secured the “best investment destination” title in East Africa at the 2023 Annual Investment Meeting. Additionally, Foreign Direct Investment (FDI) saw a significant jump, rising by 37% to $1.4 billion in 2022.
