Bank of Uganda Governor, Mr Emmanuel Tumusiime Mutebile. He said central bank is concerned with the increase in government (Photo/Courtesy)
Bank of Uganda (BoU) Governor Emmanuel Tumusiime-Mutebile has today Friday March 12, 2021 afternoon quietly appeared before the appointments Committee of Parliament for vetting ahead of starting another five-year term in office following reappointment by President Museveni last month.
Journalists who waited to hear from Mr Mutebile ahead of the exercise and after were disappointed as the long-serving governor was led into Parliament through the secluded President’s Office wing and also led out through the same outlet.
There was no communication as to what transpired in the vetting room by press time.
The governor has navigated a stormy period that the central bank has endured in the recent years.
The year 2019 was particularly hard for BoU, with the sensitive institution plagued by bad publicity amid multiplicity of accusations.
Former Deputy Governor Louis Kasekede left the bank in January last year after the President declined to renew his contract, despite a number of reminders from Finance minister Matia Kasaija.
The decision left many speculating on what would be the fate of long-serving Governor Tumusiime-Mutebile, whose tenure then had a year left.
When the President appointed Dr Michael Atingi-Ego as Deputy Governor in March last year, many thought it was the beginning of the transition from Mr Tumusiime-Mutebile’s two-decade reign at BoU.
But as Ugandans were guessing over when the government would reinstate the Internet that was switched off days to the January 14 elections, Mr Museveni communicated that he had extended the governor’s term for another five years.
The re-appointment was announced on the eve of the election.
“We have learnt that the President has re-appointed Prof Emmanuel Tumusiime-Mutebile as Governor of Bank of Uganda for the next five years,” Mr Kelvin Kiyingi, the deputy director of communication at BoU, confirmed on January 18.
Yesterday, Mr Mutebile appeared before the Parliament’s Appointments Committee for vetting before his re-appointment would be confirmed.
The 71 year-old, who was first appointed governor in January 2000, remains the longest serving chief executive of the bank since its creation, guaranteed to complete 25 years by the time his new tenure ends in January 2026.
The second longest serving governor was his predecessor Charles Nyonyintono Kikonyogo, who served from 1990 to 2000, while Leo Kibirango comes third after heading the bank from 1980 to 1986.
But what does Mr Tumusiime-Mutebile’s continuation mean for BoU?
The executive director of Civil Society Budget Advocacy Group (CSBAG), Mr Julius Mukunda, says Mr Mutebile is needed to continue and guide the new deputy governor, Dr Atingi-Ego.
“I think Mutebile has been one of the best governors in Africa. He has been winning accolades in recognition of his performance. There is no doubt that Governor Mutebile can manage where he is now and the fact that now there is a new Deputy Governor with a very good background in economics, wide range of experience and also being an insider having worked there before, I am extremely confident that the current affairs of the bank are managed very adequately
