By George Bukenya
Uganda to start printing its paper money notes once the new printing factory under construction at Entebbe is complete.
This was revealed by the Uganda Printing and Publishing Corporation (UPPC) Board Chairman Joachim Buwembo during the Stakeholders meeting held at Hotel African on 12th July,2024.
According to Buwembo, the multimillion dollar venture is being carried out with the help of a German consortium Veridos Gmbh and Giesecke AND Devrient which will see the country start printing its currency notes.
“We will venture into printing the money, the currency of Uganda. We are about to reach that level together with our subsidiary company the Uganda Security Printing Company (USPC),” He revealed.
Buwembo further said that Uganda will also be able to attract regional member States that have will express interest in getting their national documents printed here and will cause foreign exchange earnings.
The Prime Minister Rt. Hon. Robinah Nabbanja commended UPPC partnership with German Consortium of Veridos and the collaboration with USPC to print secured documents like passports, driving permits, and Land titles something she said marks a new era for the country at large.
This was in a speech read to the attendants of the engagement that lasted for half day. In the same speech the Prime Minister noted that such initiatives enhance UPPC ‘s capabilities and widens its service delivery as well as ensuring that it meets the highest standards of security and quality.
“Uganda for many past years has been spending at least about USD 10 million
annually on outsourcing printing of works abroad. Such expenditure not only drains our foreign exchange reserves but also has a negative effect on the growth of our economy, “Nabbanja noted.
She further said,” By keeping these printing jobs within the country, we can redirect the saved funds to support local businesses which in turn will create more jobs and expand the tax base and also foster economic growth. “
Sadat Kisuyi, who represented the Minister for Presidency Milly Babalanda , said the strategy is geared towards attracting Member countries in EAC region.
“We have high hopes that when we commence, the market won’t only be local, but will tap from the entire region because this is the first of its kind in the region. So the issue of passports, permits, National identity cards, money and other important documents for Uganda and the other regional counties will be printed here, bring in more foreign exchange revenue,” Kisuyi noted.