Gen Muhoozi Kainerugaba, the Ugandan first son, Chief of Defence Forces (CDF) and a senior presidential advisor on special operations, has warned the Governor of the Bank of Uganda (BoU), Dr Michael Atingi-Ego.
The cautionary message follows remarks by Dr Atingi-Ego criticizing the Protection of Sovereignty Bill 2026, which he warned could have far-reaching negative consequences on Uganda’s economy. His comments have stirred debate among policymakers, with sections of the political establishment pushing back against his assessment.
Appearing before Parliament’s joint committee comprising the Defence and Internal Affairs Committee and the Legal and Parliamentary Affairs Committee, Dr Atingi-Ego laid out concerns about the potential economic implications of the bill. He cautioned legislators that provisions within the proposed law could disrupt Uganda’s financial systems and undermine investor confidence.
The central bank governor further argued that the bill, in its current form, risks isolating Uganda from the global financial system. He noted that international financial institutions and development partners closely monitor legislative changes that may affect financial transparency, governance, and compliance with global standards.
Dr Atingi-Ego also warned that the proposed law could trigger unintended consequences, including capital flight and increased cost of borrowing. He explained that markets tend to react sharply to policy uncertainty, and any signals perceived as restrictive or unpredictable could weaken Uganda’s economic outlook.
Additionally, he emphasized the importance of maintaining the independence and credibility of key financial institutions. According to his presentation, preserving investor trust and ensuring policy consistency are essential pillars for sustaining economic growth and macroeconomic stability.
Read more on BoU governor Dr Michael Atingi-ego’s warning of economic disaster Here.
On Tuesday, Parliament of Uganda passed the Protection of Sovereignty Bill 2026 despite strong objections from opposition lawmakers and the civil society, who had raised concerns about its potential impact on civil liberties, governance, and the economy.
It is against this backdrop that Gen Muhoozi weighed in on the matter, signaling unease with the central bank governor’s public position on the contentious bill.
His warning highlights some tensions between economic technocrats and influential political actors over the direction of the proposed legislation — the question of who really matters, and if technocrats can be allowed to do their work.
Gen Muhoozi, who also leads the Patriotic League of Uganda (PLU), is known for his outspoken commentary on national issues, often shared through public platforms.
In a brief but pointed statement, Gen Muhoozi said: “My friend the Governor of the Central Bank should be careful about his statements.”
The remark, though lacking further elaboration, has quickly drawn attention due to his influential role within Uganda’s security and political establishment.
It remains unclear if — and how — the central bank or government officials will formally respond.
It should be remembered that days after Governor Michael Atingi-ego’s presentation on the Protection of Sovereignty Bill 2026, there was a daring robbery at Bank of Uganda, with thieves stealing computers, as reported Here.
There were also reports that each MP was given a Shs100m to vote YES for the bill. (See Details Here).
See list of MPs on joint committee who signed in favour and those who refused to sign for the bill HERE.
