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HomeNATIONAL NEWSTwo Years Later, Uganda Remains Without Bank Of Uganda Governor

Two Years Later, Uganda Remains Without Bank Of Uganda Governor

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Uganda also known as the Pearl of Africa under the rule of President Museveni for now 38 years is without a governor for the Bank of Uganda following the demise of Prof Emmanuel Tumusiime Mutebire who had been at the helm of the Central bank for 21 years.

Mutebire was first appoint to the BoU governor position on January 1st 2001, he was re-appointed for five year terms on three separate occasions in January of 2006, November 2010 and December 2015

Mutebire was appointed Central Bank Governor by president Museveni in 2001 and died on 23 January 2022 from Nairobi at the age of 72 years, he was buried on 31st January 2022 in Kabale. Mutebire was a seasoned bank and economist who steered the Ugandan economy to great strides with good economic and fiscal policies.

At the time of his death, Mutebire was being deputized by Dr Michael Atingi-Ego who has for the last two years continued working as Deputy Governor Bank of Uganda and hasn’t been even appointed Governor in acting capacity. 

Museveni Kaguta Tibuhaburwa has kept his cards close to the chest as to when a new governor will be named two years later despite several economists being poised for the position. Among these is former MUBS principal Prof Wasswa Balunywa, National Planning Authority Boss Dr Joseph Muvawala and late former Secretary to Treasury Keith Muhakanizi.

The bank of Uganda was established under the Bank of Uganda Act of 1966. It is a body corporate with perpetual succession and a common seal and may sue or be sued in its corporate name. The Act amended in 2000 to enable the institution to among other things maintain external reserves for promoting the stability of the shilling and putting in place a financial structure that would help the country have a balanced and sustained economic growth rate.

Article 161 (2) vest the authority of the Central Bank in it’s Board of Directors. The article provides thus: “The authority of the Bank of Uganda shall vest in a board which shall consist of a governor, a deputy governor and not more than five other members’

According to Article 161 (4) of the Constitution, the Governor and the Deputy Governor are chairperson and deputy chairperson of the board of the bank.

Article 161 (3) makes the appointment of the governor, the deputy governor and all other members of the Bank’s Board the prerogative of the President. The article provides that “The governor, the deputy governor and all other members of the board shall…be appointed by the President with the approval of parliament…”

Section 8 of the Bank of Uganda Act requires candidates for the job of Governor to be citizens of Uganda and to posses “recognized qualification in economic, financial, business or banking experience.” Section Article 27(1) of the same Act says that the governor is required to be “a person of recognized financial or banking experience.”

President Museveni has not been in a hurry to fulfil his obligations under the Constitution and the Bank of Uganda Act even when it is clear that there is no shortage of Ugandan citizens with the requisite qualifications and experience. And this is not the first time that he hasn’t been in a hurry to fill a vital government office.

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