NAMAKAJO DERIC FREDRIC

this shows how various governments had to issue bigger notes

Every state has a currency and as Uganda, we have Shillings as our currency. Uganda is a young state having attained her independence in 1962 and that's when the shillings currency was given a legal basis to replace the East African shilling which had different series that circulated up to 1966 following Uganda's independence.

It’s crucial to note according to Bank of Uganda literature, Uganda Currency has changed seven times since 1966.

In 1966, the Uganda Shilling was established. The Government of Uganda under the Bank of Uganda Act- 1966 established Bank of Uganda in 1966. That year, Bank of Uganda issued Uganda’s first currency.

To drive you back to the history so that we better understand the evolution and depreciation of value our beloved shillings, the first Currency (1966 Issue) had coins of five cents, 10 cents, 20 cents, 50 cents, one shilling and two shillings. It also had bank notes of five shillings, 10 shillings, 20 shillings, and 100 shillings. The bank note had a ‘palm’ watermark.

The government of the Field Martial changed the currency and in 1973, a new issue was released following change of power in 1971, and in 1973.

The denominations of the 1966 Issue were maintained, and a 50-shilling note was also issued. A portrait of President Idi Amin was then introduced on the bank notes,” all this can be found on the Bank of Uganda website.

In 1979, a new government took over and made slight changes to the currency. It maintained the same denominations but Amin’s portrait was replaced with an art of the Bank of Uganda building.

Further in 1980, Milton Obote government took office and introduced another currency in 1982. In 1983, the denominations of Shs500 and Shs1,000 notes were introduced, and a portrait of H.E Obote was included thereon.

All this shows how various governments had to issue bigger notes.

Now the years of 1985/86 which almost 60% of the current population understand came in play. At this time, another currency was made, and Obote’s portrait was replaced with the National Emblem in the middle of the Map of Uganda and a new banknote of 5,000 was also introduced.

Following the amendment Of the Bank of Uganda Act, the use of portraits of the sitting presidents on our legal tender was abolished or outlawed. Salutations to the brains who thought this prudent.

But in other news, in 1995, a new denomination of Shs10,000 was introduced. It was later upgraded followed by It a Shs20,000 banknote which was upgraded and on 1st November 2004, the upgraded 20,000-shilling note was issued.

On 1st December 2003, Bank of Uganda issued out a Shs50,000 note. But since May 2010 when the Shs50,000, Shs20,000, Shs10,000, Shs5,000, Shs2,000 and Shs1000 were issued.

The Bank of Uganda has since then humbled itself by not effecting changes. Their humbleness has helped us in the way that we did not have an elevated new denomination of yet a shs100,000/= note though the environment at one point in a time was Shaked by the said note, but u never know we stand to await the prophesy coming to pass.

But upon having understood all that, some years back Uganda together with Kenya and Tanzania revived the East Africa Community and one of the projects of the EAC is by 2024 to have a single currency which name is yet to be known on its date of launch, but prayers following the same is paramount in realizing that this dream come to pass.

Now this is where one happens to realize that his or her state is a weakening and or failing state.

In the recent Income Tax Amendment Bill of 2022, section 9 which affects Section 89QA, suggest that any person who doesn't furnish a return or any document within a prescribed time is liable to a penalty of not less than 50 (fifty) thousand USD and not exceeding 500 (five) hundred thousand USD.

SIMPLE CALCULATIONS.
1 USD = 3500 Ug shs
50,000 USD = .................. The answer is yours to calculate.

The questions then are?? Why would Uganda Government decide to  have nationals pay in Dollars and not in Uganda Shillings???

Why wouldn't Uganda put much efforts in ensuring that the East African Currency is quickened and put in place???

Thus, the question as to whether Uganda is a weakening and or Failing state is upon you to answer.

Author
NAMAKAJO DERIC FREDRIC 
SECRETARY LEGAL AFFAIRS 
JEEMA  /JUSTICE FORUM 
& RED CARD FRONT.

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