Money Buried With IVAN SSEMWANGA
BANK OF UGANDA Speaks Out On Money Buried With IVAN SSEMWANGA
The Bank of Uganda has finally spoken out on the money that was buried with Ivan Ssemwanga recently.
Rich Gang members threw a total sum of 15 million Shillings in Ivan Ssemwang’s Grave and was buried with the money.
The statement comes after one city lawyer “Mr. mgugu” petitioned high court seeking a court order to open up Ssemwanga’s grave and remove the money that was buried with him, arguing that money is legal tender and therefore is not supposed to be used in this manner.
Below is the full statement from Bank of Uganda.
“It has come to our notice that Uganda shilling notes were thrown into a grave during a recent burial ceremony.
The money, which was so mishandled, is likely to be defaced, soiled or damaged; and thereby no longer serve the purpose for which it was intended.
The national currency is minted and printed by the central bank to serve as:
· store of value, which means people can save it and use it later—smoothing their purchases over time;
· unit of account, that is, provide a common base for prices; or
· medium of exchange, something that people can use to buy and sell from one another.
The shilling is valuable because Ugandans collectively ascribe value to it and entrust the preservation of its integrity to the Bank of Uganda.
Because of its grand purpose and value it holds for us, the shilling deserves the status of a national symbol. This implies that our national currency should not be handled in a manner that is indecorous.
Accordingly, the public is urged strongly to refrain from any act, conduct or use of shilling notes and coins for purposes other than those for which the national currency is intended; or in a manner that results in the defacing, soiling or damaging of the Uganda shilling currency notes and coins.
Indeed, proposed amendments to the Bank of Uganda Act include a clause that will criminalize any practices such as defacing, soiling, mutilation or other forms of disrespect to the national currency. The public will be informed of the amendment once it is concluded.”
Bank of Ugandan, I am a Ugandan aged 33years of age, living in rural poverty in Butara a small village in Bugaki sub county, Kyenjojo District. I appreciate and know the value our current it has. I have tried harder to get money on many times but in vain. It’s scarce! On that note, It’s my humble request that the money that was buried with Ivan Ssemwaga be recovered from the grave and be given to me. I promise I will put this money into proper use. I will be grateful if my request is given the utmost attention it deserves.
The Rich gang has bribed Bank of Uganda staff. What a lame explanation in the face of sustained pressure to prove your worth .
From today ….I now believe. ..Every one and everything is for sale at the right price in uganda .What a shame.
This response doesn’t even deserve to be read beyond the first paragraph.
since the currency is the most valueless in the region that some traders even prefer foreign currency when trading locally, it doesn’t surprise me there is no law against misuse.
t\’s absurd that some people sleep on hungry stomach and there are splashing money to the grave of the dead. Mind you the dead are already dead, we demand the bank of Uganda to order for demolition of semwangaz graze such that our currency can be respected however much is has no much value.
Be informed. That affects the circular flow of income in an economy. But rather if misused by spending it, it keeps circulating which has no effect in the economy
.this is nonsense invest time in making Uganda a better place,it seems you were slumbering if this Lawyer hadn’t brought this up neither would you…….now either way the money was not buried rich gang would still misuse it with their spending techniques I don’t see why it’s an issue ….put yourselves in the mourner’s shoes your causing them trauma…..let the dead rest…..
You can now testify that most of our people are very ignorant..they don’t know the difference between money kept in circulation and that buried in a grave forever. You can swindle money then use it to build a house..the workers in the site will get paid and they also go buy things etc,.the money will circulate in the economy
This statement is lacking and also untrue in as far as the assumption that the money is now defaced and soiled is given.
1) The currency notes were cast on a cemented surface just this week. They cannot be soiled nor defaced by now considering that soon after, a casket was lowered which further protected the notes from immediate damage. The money is still in usable shape.
2) The explanation BOU is giving here lacks the immediate steps and remedy BOU is going to take to safeguard the money as mandated. In this, I see utter laziness and sheer negligence and abandonment of responsibility.
BOU needs to act in haste and rescue the currency notes before we lose them if it needs to maintain the Trust of Custodianship Ugandans have in it in regard of being the body that prints and oversees use of money in Uganda.