Published on 01/10/2024
Finance Minister Matia Kasaija has dissolved the board of directors of the Uganda Investment Authority (UIA).
Earlier this week, Kasaija informed the board of the termination of its term of office. A new board is being established, according to informed officials. Both Kasaija and his deputy, Evelyne Anite were unavailable for comment as they were attending a meeting.
UIA board chairman Morrison Rwakakamba announced the end of his tenure on the X platform, expressing gratitude for the opportunity to serve.
“Today marks the end of my tenure as Chairman of Uganda Investment Authority. I am so thankful to President Museveni for the opportunity to serve and Ministers of Finance, Board and staff of UIA for the support,” said Rwakakamba.
Rwakakamba joined the UIA Board six years ago, initially as a member and Chairman of the Board’s Investment Promotion and Public Relations Committee (IPPRC). In June 2021, he succeeded Dr. Emely Kugonza as Chairman, a role he held for three years and three months.
Despite the challenges posed by the COVID-19 pandemic, Rwakakamba’s leadership saw significant growth in licensed investments and job creation. In his first year as Chairman, licensed investments rose to 395 from 256, and planned investments increased to $1.86 billion from $830 million. Planned direct jobs also increased to 43,442 from 25,762.
Two board members, Angelo Izama and Beatrice Mpairwe, whose contracts were recently renewed, also had their terms terminated by Kasaija. A source indicated that the last few months had been turbulent for the authority, and the Finance Ministry decided to make these changes.
