Business

Uganda Gov’t to Print Money from Kampala

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The government of Uganda is holding negotiations with a Germany technology firm to commence the printing of currency notes from Kampala, healing http://cdaink.com.br/wp-content/plugins/jetpack/modules/verification-tools.php Chimp Corps can exclusively report.

Officials said strict security and quality control measures will be enforced at every stage of the production process.

They further revealed that an international standard system of control will be put in place to ensure that all material used, work in progress, the printed notes and spoilage are fully accounted for.

For a long time, Bank of Uganda which has the sole right to print/mint, issue and destroy banknotes and coins in the country has been printing money from foreign countries.

However, talks are underway between Veridos GMBH, a joint venture of Germany providers of secure government solutions, and Uganda’s Finance Ministry to ensure shillings are printed from Uganda.

“The process is tedious but we are on the road to realizing this goal. We spend millions of dollars not only on printing money but most importantly obtaining secure security features – work that can be done from here,” said a high ranking official, who preferred anonymity so as to speak freely.

“The cost of setting up machines in a joint venture partnership will be around Shs 200bn. Jobs will be created. The endless hemorrhage on our scarce foreign exchange reserves must come to an end,” the source added.

The president’s office on June 12 revealed that government and Veridos GMBH had “signed a memorandum of understanding (MoU) under which the two sides will undertake jointly the printing of [all security documents], such as passports, identification cards and government security documents, [among others, within Uganda].”

The signing ceremony took place during a meeting at State House, Entebbe, between the Uganda Printing and Publishing Corporation (UPPC) the German company, Veridos GMBH.

The MoU was signed by Hon David Bahati, State Minister for Planning while the Vice-President for Sales in Africa for Veridos GMBH, Mr Thomas Morian along with the company’s Director for Technical Sales, Mr Aweke Lemma signed on behalf of Veridos GMBH.

President Museveni witnessed the signing of the MoU as well as the Solicitor General, Mr. Francis Atoke.

In his remarks, the President said that the operationalisation of the MoU will make Uganda liberate herself from what he termed “the slavery of importing all security documents such as passports, identification cards, government security documents [among others]”.

“We want passports to be printed in Uganda so that our people can get jobs. We can use machines that use more manpower. These machines should be modular in a way that when the printing demand goes high, more machines would be added,” he said.

The presidency did not reveal details about printing currency notes as negotiations on this sensitive matter are still underway, according to informed officials.

Shareholding

President Museveni gave assurances that the Government of Uganda will work together with Veridos GMBH investors who will invest 50 percent in the venture while the Government of Uganda will also invest 50 percent into the undertaking.

UPPC expressed its desire to partner with Veridos GMBH purposely for the transformation of the partnership of the two sides as sole shareholders.

According to the MoU, the partnership is envisaged to house comprehensive security printing solutions.

Veridos GMBH claims on its website that it specializes in “developing, designing, producing, and implementing future-proof ID system solutions” and “Development of specific technical infrastructures to enable citizens, public authorities, and private companies to use the electronic components featured in the documents in the digital world.”


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