It was not immediately clear how many people were on board.
Police Director Moses Byaruhanga said a total of 13 bodies, which were retrieved from the water on Saturday evening will be released soon upon completion of postmortem examinations.
She said 27 people were rescued overnight, but more than 90 passengers were on the boat, leading officials to believe the death toll would rise.
He said that rescue services were slow to respond.
Ssp Zurah Ganyanna the search and rescue recovery team spokesperson says among the people rescued is Prince Charles Wasajja a brother to Kabaka of Buganda Ronald Muwenda Mutebi, Singer Iryn Namubiru and prominent businessman Kiyimba Free Man.
"Fishermen on two small boats could see that the boat was sinking and went to help". Approximately 120 people are said to have been on the boat and some survivors said it was overloaded although the registration list had 104 names and it's possible that some passengers may not have registered.
Matovo said some of the rescuers also drowned as a result.
There was a party going on aboard the boat, with loud music, at the time of the accident, Mr Museveni said. "The boat was overloaded and secondly there was bad weather", he told Reuters news agency.
One Facebook Live user said the boat's operator had detected a leak and pleaded with passengers to sit on one side to balance the vessel some 10 minutes before it capsized.
Richard Kikongo, a local official, described the distinctive boat -- which sported shark-style teeth painted on the bow -- as "not in good condition".
Police spokesman Emilian Kayima said rescue efforts were continuing.
This is the second deadly accident to happen on Lake Victoria in as many months.
It is not uncommon for ferries to capsize on the lake and the number of fatalities is often high due to a shortage of life jackets and the fact that many local people can not swim.
"Many more people are missing".
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