Kampala, Uganda – The Ministry of Finance, Planning, and Economic Development (MoFPED) has signed a new Service Level Agreement (SLA) with the Bank of Uganda (BoU) to enhance efficiency and accountability in public financial management.
The agreement, signed by Permanent Secretary and Secretary to the Treasury (PSST) Ramathan Ggoobi and BoU Governor Michael Atingi-Ego at the Ministry’s headquarters, outlines clear roles and responsibilities for both institutions in managing key financial operations.
The SLA covers critical areas of collaboration, including bank account management, cash receipt and disbursement, processing of local and foreign currency payments, and handling letters of credit on behalf of Ministries, Departments, and Agencies (MDAs).
Additionally, it formalizes procedures for internet banking services and the settlement of government debt obligations, ensuring smoother transactions and reduced delays in financial operations.
The new agreement updates the COVID-19 pandemic-era SLA that facilitated emergency financial interventions, incorporating recent changes in Uganda’s financial laws, regulations, and banking sector technologies.
Speaking at the signing ceremony, PSST Ramathan Ggoobi emphasized the SLA’s critical role in strengthening Uganda’s fiscal governance framework, noting it would enhance transparency, streamline financial operations, and ensure more efficient management of public funds across government institutions.
“This agreement reinforces our commitment to prudent financial oversight and aligns with ongoing reforms to modernize Uganda’s public financial systems,” Ggoobi stated.
Bank of Uganda Governor Atingi-Ego echoed these sentiments, noting that the SLA will help streamline processes, reduce bottlenecks, and improve service delivery across government institutions.
The new agreement comes at a time when Uganda is implementing stricter financial controls and digital transformation initiatives to curb fraud and improve accountability.
The updated SLA is expected to take immediate effect, with periodic reviews to ensure compliance and adaptability to evolving financial sector dynamics.