KAMPALA UGANDA – The Bank of Uganda spent a staggering UGX 239.210 billion on staff salaries, wages, and allowances in the financial year ending June 2024, a significant 24% increase from the UGX 192.263 billion spent the previous year, according to the central bank’s official report.
Thank you for reading this post, don't forget to subscribe!The substantial rise in personnel expenditure is detailed in the Bank of Uganda Integrated Annual Report for the year ended 30th June 2024, which has been submitted to the Minister of Finance, Planning and Economic Development.
The submission complies with section 49(1) of the Bank of Uganda Act, which mandates that the report be presented to Parliament within three months after the close of the financial year.
The report reveals that total employee benefits, a broader category that encompasses all staff-related costs, reached UGX 286.562 billion in 2024, up from UGX 230.247 billion in 2023.
Salaries, Wages and Allowances constituted the largest portion of the UGX 286.562 billion employee benefits package at UGX 239.210 billion, representing over 83% of the total.
Other allocations included UGX 17.576 billion for NSSF Contributions, UGX 16.790 billion for Staff Welfare, and UGX 10.504 billion for Defined Contribution Scheme Pensions.
The smaller expenditures included projects and training (UGX 4.677 billion), death in service insurance (UGX 971 million), and a defined benefit plan gain of UGX 3.166 billion, which offset the total costs.
The release of these figures comes at a time when public discourse in Uganda is intensely focused on government spending and the compensation of public officials.
The sharp increase in the central bank’s staff costs is likely to draw scrutiny from lawmakers and the public as the report makes its way to Parliament for review.
The detailed breakdown provides transparency into the composition of the bank’s personnel expenses, showing that beyond direct salaries, a significant portion is allocated to long-term social security and staff welfare programs.
The report underscores the substantial resources required to maintain the institution responsible for overseeing the country’s monetary policy and financial stability.
The Parliament of Uganda is expected to review the comprehensive report as part of its oversight role, with the Bank of Uganda’s expenditure and performance for the 2023/2024 financial year under examination.
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