Governor Bank of Uganda Dr. Michael Atingi-Ego took on a serious and determined attitude as he addressed the audience at the Lake Victoria Serena Kigo this morning for the opening of the 2nd Judicial Colloquium on Finance and Banking.
As the theme for this year’s event is “The Role of Alternative Dispute Resolution in Resolving Commercial Disputes.” focusing on the importance of Alternative Dispute Resolution in resolving commercial disputes, the governor emphasized the critical role this method plays in promoting efficiency and expediency in the financial sector.
Atingi-Ego stressed the need for collaboration between the judiciary and the banking industry in finding timely and effective solutions to disputes, and called for a renewed commitment to the use of alternative dispute resolution mechanisms.
He said, ‘It is reported that 623 unresolved banking cases are locking up an estimated UGX 2 trillion in disputed value. For the economy, this is “dead capital.”
According to him every shilling locked in a disputed loan is a shilling that cannot be re-invested into the productive sectors of uganda economy and every delayed judgment is effectively a tax on investment and a brake on the transmission of monetary policy itself.
Dr. Ego noted that financial sector disputes are often highly technical and time-sensitive. Alternative Dispute Resolution (ADR) mechanisms—mediation, negotiation, and arbitration—offer a way to resolve these complexities without the adversarial depletion of funds.’
He appealed to the judicial officers to ’embrace ADR as a strategic instrument of economic development.’
He also congratulated the Hon. Chief Justice Dr. Flavian Zeija, his co-officiant at the Colloquium, on the recent appointment as Chief Justice, saying, ‘I am confident the Judiciary will reach new heights under your leadership.
