Uganda PSST Ramathan Ggoobi faces insurance regulator probe and warns on debt costs

The Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) summoned Permanent Secretary and Secretary to the Treasury Ramathan Ggoobi, along with the board of the Insurance Regulatory Authority (IRA), to clarify the legality of Dr. Protazio Sande’s appointment as acting chief executive officer of the IRA. COSASE questioned whether the appointment, signed by the permanent secretary acting as finance minister, complied with the Insurance Act.

Separately, Ggoobi addressed officials of the Ministry of Finance’s Directorate of Debt and Cash Policy, warning that rising debt‑service costs were eroding fiscal space. He urged the directorate to act as a strategic advisor, emphasizing prudent borrowing to protect Uganda’s reputation in international markets as the country pursues its Tenfold Growth Strategy.

Both interventions reflect heightened parliamentary scrutiny of financial governance and the government’s focus on sustaining debt sustainability while overseeing key regulatory bodies.