Uganda Eyes Sovereign Currency Printing Facility with German Partnership

Uganda is moving closer to printing its own currency domestically, a significant step towards enhanced national sovereignty. The Uganda Security Printing Company (USPC) has signed a Memorandum of Understanding (MoU) with Germany’s K&B Banknote Solutions to explore the feasibility of establishing a local currency printing facility.

This agreement lays the groundwork for comprehensive assessments, including technical, security, feasibility, and commercial viability studies. These evaluations will be crucial in guiding the potential establishment of what is envisioned as a Sovereign Currency Printing Facility.

The initiative, witnessed by Minister for the Presidency Milly Babalanda, aligns with President Yoweri Museveni’s long-term vision. The goal is to reduce reliance on imported security documents and strengthen Uganda’s capacity to produce vital state instruments such as currency, passports, and national identity cards locally.

Minister Babalanda highlighted that the project is expected to foster significant skills transfer, creating opportunities for Ugandan engineers and technicians. The partnership aims to build local expertise in advanced security printing technologies, ensuring Ugandans are involved in every stage from planning to commissioning.

This endeavor is intricately linked to Uganda’s broader economic and industrial development agenda, including the NRM Manifesto, the Fourth National Development Plan, and Uganda Vision 2040. The development of a local security printing capability is seen as a high-technology, skills-intensive manufacturing activity poised to contribute to employment and industrial growth.

A multi-sectoral technical committee, comprising representatives from key government bodies like the Bank of Uganda and the Ministry of Finance, will be formed to oversee the project’s implementation and monitor progress. The ultimate establishment of the facility hinges on the successful outcomes of the assessments outlined in the MoU.

Source: https://nilepost.co.ug/news/366921/uganda-moves-to-establish-sovereign-currency-printing-facility