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Museveni Silent As Kasekende’s Contract At BoU Expires Next Week

President Yoweri Museveni is yet to reappoint Dr. Louis Kasekende (pictured) as the deputy Governor, Bank of Uganda (BoU) for the next five years.

Kelvin Kizito Kiyingi confirmed to this reporter on Sunday that Kasekende’s contract will expire on 18 January 2020. This will mark a decade of Kasekende holding the same position and making him the longest-serving Deputy Governor.

Kizito described as fake news reports suggesting that Kasekende will leave office when his term expires and he is yet to get a reappointment letter from President Museveni.

“Please disregard Twitter and Facebook messages purportedly posted by the Deputy Governor, Dr. Louis Kasekende. The posts are hoax! Fake News! Please be advised that both the Governor and Deputy Governor neither own nor operate personal social media accounts,” Kizito said.

Reports indicate that BoU staff are divided over his reappointment; some want him to stay while others are praying for his exit.

According to sources, there is lobbying from senior Catholic figures in the country that Kasekende stays on in the post – an important aspect politically.

But some staff at the Central Bank said this was minor because there are other senior catholic economists that can take up the post.

Kasekende, 61, first served as the deputy governor between 1999 and 2002.

He was reappointed as Deputy Governor on a five-year term on 18 January 2010. His contract was renewed in 2015.

Kasekende has about 40 years experience of central banking, macro-economic management and international finance.

Kasekende commenced his career with Bank of Uganda in 1986 and has served in different capacities, including being the director of the research department and the executive director for research and policy.

Kasekende also served as the executive director to the World Bank from 2002 to 2004, where he represented 22 African countries, including Uganda, on the bank’s executive board. From May 2006 to 2009, he served the Africa Development Bank (AfDB) as its chief economist.

Kasekende holds a first class Bachelor’s degree in economics from Makerere University, as well as a Masters degree in economics.

He also has a doctorate in Econometrics from the University of Manchester, in the UK.

About appointment of Deputy Governor

According to Section 27 of the Bank of Uganda Act, for any person to qualify as Deputy Governor (whether male or female), professional competences and experience are considered. The decision is the prerogative of the appointing authority and the vetting committee in Parliament.

Section 27 (2) of the Bank of Uganda Act reads: “There shall be a deputy governor who shall be a person of recognised financial or banking experience and shall be appointed by the President acting on the advice of the Cabinet.”

It adds in 27 (3): “The governor and deputy governor shall be appointed for a period of five years and shall be eligible for reappointment.”

Section 27 (7) says the governor or deputy governor may resign his or her office by writing addressed to the Minister, and the resignation shall take effect one month from the date of receipt of the letter of resignation by the Minister.

Bank of Uganda has been marred with scandals in recent years which have been blamed on top management.

It’s not clear whether President will reappoint Kasekende or replace him with a new person.

Taddewo William Senyonyi
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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