Nile Post
  • News
    • 2021 Elections Watch
      • The Election Podcast
    • Education
    • Exclusive
    • Investigations
    • Security
  • Business
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • But this Year!
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • South Sudan
  • Lifestyle
    • Entertainment
    • Health
      • Coronavirus outbreak
    • Tour & Travel
    • Love Therapist
    • Homes
    • Reviews
  • Tech
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs
  • Archives
  • Live
No Results Found
View All Results
  • News
    • 2021 Elections Watch
      • The Election Podcast
    • Education
    • Exclusive
    • Investigations
    • Security
  • Business
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • But this Year!
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • South Sudan
  • Lifestyle
    • Entertainment
    • Health
      • Coronavirus outbreak
    • Tour & Travel
    • Love Therapist
    • Homes
    • Reviews
  • Tech
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs
  • Archives
  • Live
No Results Found
View All Results
Nile Post
No Results Found
View All Results

Bank of Uganda building should be demolished, replaced with parking yard

Edris Kiggundu by Edris Kiggundu
July 2, 2019 at 10:09 am
in Featured, The Rogue
Bank of Uganda building should be demolished, replaced with parking yard

Yes, you read the headline right.

The prime plot occupied by Bank of Uganda along Kampala Road needs to be converted into a multi-storied parking yard for the taxpayer to get value for his taxes.

I am serious.

The other day I had a conversation with an economist over a business venture I am trying to get into. As I explained my plans, the resources I need, the capital and labour he cut me short with one question: “Have you conducted the cost-benefit analysis for your project?”

I told him mine was a private venture not a public project.

Yet this question kept ringing in my mind as I reflected on the issues of Bank of Uganda, the chief supervisor of our economy.

The bank has been in the press recently for all the bad reasons: Currency scandal, recruitment saga, missing files etc..

Each year, the tax payer spends billions on Bank of Uganda, meeting the hefty allowances and salaries for the staff, paying for the fuel guzzlers driven by the top bosses. What do they get in return?

Scandal after scandal!

For me as the Rogue (and I could be wrong), my basic understanding of economics is that one should not keep pumping money in a venture that shows little or no sign of promise.

Why does the tax payer waste billions of money on a bank that appears intent can’t look after our money?

So if I may ask, does it still make economic sense to have the central bank in the middle of the city, occupy prime space that would give us better returns if put to other uses?

Would the central bank function differently if say, its headquarters were shifted to Nakapiripirit? Would inflation shoot through the roof because of this change?

Would the sun rise from the West and set In East if the bank is relocated?

My view is that the current plot occupied by Bank of Uganda, we should construct a multi storied parking yard like those we see in the UK, US or even in Kenya.

This would not be a ludicrous thing, like some of you may be thinking. Already government is government that is willing to sacrifice the beauty of Murchison Falls in exchange for a power plant whose capacity will not be able to run five factories the size of Roofings Uganda.

Never mind the impact this would have on tourism revenues. What is more ludicrous than this?

Back to my point. A ten story parking lot with the ability to accommodate 300 cars on each level can generate more money and more positive vibes than the central bank.

It would have a maximum capacity of 3,000 vehicles If each of those vehicles were to pay a minimum of 5000 per day, that would translate into Shs15 million (I hope my mathematics is good) and roughly 450 million per month.

Assuming it employs ten people with each getting Shs 500,000 per month, that would translate into a wage bill of Shs 5 million.

Add Shs 10 million for power and water, and another Shs 5 million for security, that would total to Shs 20 million.

So the net income for government would be Shs 430 million per month. It can also serve as a tourist attraction of sorts (I have seen people touring some Arcades and taking selfies in the corridors).

The money generated from this lot can be put to better use other than meeting the hefty allowances of people who have failed to preside over our economy.

The only scandal we can get out of a parking yard is a missing side mirror or at worst, a stolen Premio or Toyota Wish.

Yet in comparison, these would not come close to the multi-billion scandals that have engulfed the central bank over the last couple of years.

The Rouge is a satirical column that runs once a week on the Nile Post.

Contact author on +256-788179369/752195226

Tags: bank of ugandathe rougue

Related Posts

Following missteps, BoU institutes tough measures on accessing currency centres
Business

BoU: Economy still reeling from effects of Covid-19

by NP admin
February 16, 2021
0

Hakim Wampamba The Bank of Uganda has maintained the Central Bank Rate at 7% according to the monetary policy statement...

Read more
Journalist sues government over Twinemanzi’s appointment as BoU’s Executive Director for supervision

BoU defends self on appointment of Twinemanzi as Executive Director for supervision

February 9, 2021
Absa bank flies high in 2019 as revenues grow by 19.4%

BoU names Absa bank best dealer in government bonds for December

January 27, 2021
Bank of Uganda hands over Nakaloke Health Centre III to Mbale leadership, community

Bank of Uganda hands over Nakaloke Health Centre III to Mbale leadership, community

November 30, 2020
MPs order comprehensive audit on defunct banks

Ssemakadde: Bank of Uganda is panicking by trying to liquidate Crane Bank illegally

November 17, 2020

Discussion about this post

Follow Us

  • 179.2k Fans
  • 158.9k Followers
AdvertisementAdvertisementAdvertisement

Latest

Kyambogo University to import 15 Cuban lecturers, each to earn Shs 7 million per month

Lt Col Nakalema probes Kyambogo University bosses for manipulating ICT project

March 5, 2021
Uganda receives 864000 doses of vaccines from COVAX

Uganda receives 864000 doses of vaccines from COVAX

March 5, 2021
Midwife who saved so many babies loses her life giving birth

Midwife who saved so many babies loses her life giving birth

March 5, 2021
Bobi Wine was only playing games when he filed poll petition- Museveni lawyers

Bobi Wine was only playing games when he filed poll petition- Museveni lawyers

March 5, 2021
Bobi Wine: I received information of plans to kidnap my children

Museveni already won, no need to pay him costs – Bobi Wine lawyers

March 5, 2021
cocacola-ad-safebodacocacola-ad-safebodacocacola-ad-safeboda

Featured

Bobi Wine was only playing games when he filed poll petition- Museveni lawyers
2021 Elections Watch

Bobi Wine was only playing games when he filed poll petition- Museveni lawyers

by Kenneth Kazibwe
March 5, 2021
0

Lawyers representing President Yoweri Museveni have told the...

Supreme Court okays Bobi Wine’s request to withdraw poll petition

March 5, 2021
Growing up in slums: Why children pay the ultimate price

Why kids raised from Katanga succeed in life and those from Kololo fail

March 5, 2021
  • About
  • Advertise
  • Careers
Call us: +256-417-720-101

© 2020 Nile Post Uganda Ltd. - A Next Media Services Company.

No Results Found
View All Results
  • News
    • 2021 Elections Watch
      • The Election Podcast
    • Education
    • Exclusive
    • Investigations
    • Security
  • Business
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • But this Year!
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • South Sudan
  • Lifestyle
    • Entertainment
    • Health
      • Coronavirus outbreak
    • Tour & Travel
    • Love Therapist
    • Homes
    • Reviews
  • Tech
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs
  • Archives
  • Live

© 2020 Nile Post Uganda Ltd. - A Next Media Services Company.