{UAH} J.N@THE SIGNS ARE NOT GOOD.
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12:36 PM |
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On September 3rd 2013 Emanuel Tumusiime Mutebile, Governor Bank of Uganda was on TV: Increasing the Central Bank Lending rate from 11 to 12%. Reason? Drought, he said. So the said increase is to mob excess liquidity? Does Kampala lately feel like there is excesses liquidity? He ominously warned Banks not to use this excuse to raise their lending rates: this reminds of our days of herding cows and goats: a biased referee at the frequent fights would always say "Otamuha orwenda!".
To an un-initiated observer, this meant "Don't hit him on the stomach" on the contrary, the opposite was true: the referee was actually a coach! In fact if matters got worse for his choice fighter, the "referee" would actually move in with cries: "Otiita omuntu" (Don't kill a person) while holding one of the fighters so that a good one is landed on the stomach. So, who is fooling who?
Of course we know what went wrong: Mr. Kiguniya is busy distributing cash, the treasury is getting depleted, URA is not collecting this money fast enough as the recipients are not taxpayers and have no absorption capacity; and they do not use banking services. So who will pay for this profligacy? You and me. The liquidity mop up as Tumusiime states, will mop cash from you and me while most of the distributed cash is lying in pots and under mattresses. I foresee some serious belt tightening in the months to come.
Have you listened to local radios lately? who is not complaining and threatening to strike? Bodabodas? Batembeyi? Police women? Even UAH's Aroma Patrick. Jennifer Musisi is surely earning all of her reported 43 million a month. Second to Mr. Kigunia, she is the most hated person on the air waves. Even Tamale Mirundi has taken to blaming for all the ills in the movement!
Museveni has got a lot of titles these days...........from 'kiguniya' to everything:the gentleman is given to describing himself in the most picturesque of languages: remember Nyarwino- the long teethed one; Sabagabbe- King of Kings,Ruhemba Ogwenzura The who lights the fire in the rain; Lubengo etc. see the similarity? It is a harmless Kinyankore tradition of story telling. I can assure you, NO PAN INTENDED.
I am not any good at this subject of economics but even a layman can see what's going on in this country; Emmanuel Tumusiime Mutebile has been reduced to a mere cadre of the system. He's intentionally been trapped in compromising situation and therefore made a prisoner of self destruction. He plays more of a political role than economic, just like his contemporary counterpart Justice Benjamin Odoki. He knows that it's only in this country that informal expenditures compete with planned government projects. It's called Professional BETRAYAL
While I agree that there is a looming food crisis, Mutebile's immediate problem is a monetary one: Mutebile is not the Minister of Finance and Economic planning. He needs to maintain the reserves at a certain level. He has failed to keep the reserves safe from raiders: He is using the easy way out. For how long will these methods continue to be effective? At the end of the last elections when the treasury was raided, he even threatened to resign. Maybe he should have. The people whose job it is to worry about supply side constraints are more interested in clinging on to power: the rest is secondary.
Have a blessed day.
--
H.OGWAPITI
-----------------------------------------------------
"To announce that there must be no criticism of the president, or that we are to stand by the president right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public."
---Theodore Roosevelt
-- To an un-initiated observer, this meant "Don't hit him on the stomach" on the contrary, the opposite was true: the referee was actually a coach! In fact if matters got worse for his choice fighter, the "referee" would actually move in with cries: "Otiita omuntu" (Don't kill a person) while holding one of the fighters so that a good one is landed on the stomach. So, who is fooling who?
Of course we know what went wrong: Mr. Kiguniya is busy distributing cash, the treasury is getting depleted, URA is not collecting this money fast enough as the recipients are not taxpayers and have no absorption capacity; and they do not use banking services. So who will pay for this profligacy? You and me. The liquidity mop up as Tumusiime states, will mop cash from you and me while most of the distributed cash is lying in pots and under mattresses. I foresee some serious belt tightening in the months to come.
Have you listened to local radios lately? who is not complaining and threatening to strike? Bodabodas? Batembeyi? Police women? Even UAH's Aroma Patrick. Jennifer Musisi is surely earning all of her reported 43 million a month. Second to Mr. Kigunia, she is the most hated person on the air waves. Even Tamale Mirundi has taken to blaming for all the ills in the movement!
Museveni has got a lot of titles these days...........from 'kiguniya' to everything:the gentleman is given to describing himself in the most picturesque of languages: remember Nyarwino- the long teethed one; Sabagabbe- King of Kings,Ruhemba Ogwenzura The who lights the fire in the rain; Lubengo etc. see the similarity? It is a harmless Kinyankore tradition of story telling. I can assure you, NO PAN INTENDED.
I am not any good at this subject of economics but even a layman can see what's going on in this country; Emmanuel Tumusiime Mutebile has been reduced to a mere cadre of the system. He's intentionally been trapped in compromising situation and therefore made a prisoner of self destruction. He plays more of a political role than economic, just like his contemporary counterpart Justice Benjamin Odoki. He knows that it's only in this country that informal expenditures compete with planned government projects. It's called Professional BETRAYAL
While I agree that there is a looming food crisis, Mutebile's immediate problem is a monetary one: Mutebile is not the Minister of Finance and Economic planning. He needs to maintain the reserves at a certain level. He has failed to keep the reserves safe from raiders: He is using the easy way out. For how long will these methods continue to be effective? At the end of the last elections when the treasury was raided, he even threatened to resign. Maybe he should have. The people whose job it is to worry about supply side constraints are more interested in clinging on to power: the rest is secondary.
Have a blessed day.
--
H.OGWAPITI
-----------------------------------------------------
"To announce that there must be no criticism of the president, or that we are to stand by the president right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public."
---Theodore Roosevelt
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