Saturday, March 28, 2020


Image may be subject to copyright

Image may be subject to copyright

Image may be subject to copyright

Image may be subject to copyright

CHANGE OF GUARDS - Museveni has elevated his central bank's Director of Research, Dr. Adam Mugume to the position of Acting Deputy Governor of the central bank. A holder of a PhD in economics from Oxford, Dr. Mugume lectured at Makerere University before joining the central bank's Economic Research Department in 2007 from where he rose to become the Director of Research and Policy. The position of of Deputy Governor fell vacant in January 2020 following the expiry of Dr. Louis Kasekende's two five year terms. The Minister of Finance had persistently requested Museveni to renew Kasekende's contract but the Museveni was adamant. The vacant position had negatively impacted the bank's performance prompting Parliament to urge the executive to find a replacement.  

The 61 years old Dr. Kasekende joined the central bank in 1986 around the time Dr. Adam Mugume was in upper secondary school at St. Leo's College Kyegobe. Mugume rose to become the Director of Research and Policy before he was appointed Deputy Governor in 2010. By virtue of his position at the central bank, he had short stints at the World Bank where he was representing 22 African Countries on the bank's Executive Board and the African Development Bank where he was the Chief Economist in Tunisia.  

With the failing health and advanced age of Governor Tumusiime Mutebile, his then deputy, Dr. Louis Kasekende was automatically best suited for his replacement. The latter had accumulated the necessary extra ordinary experience, expertise and international connections for the job. Instead, unlike his predecessor, Kikonyogo Nyonyintono who served only two terms at the expiry of Mutebile's two terms as Governor,  Museveni reappointed him in 2011 for a third term before he was again appointed for a fourth term In 2016.

For fear of having another Sulaiman Kigundu (former Governor who founded the defunct Greenland Bank, joined the opposition and was falsely accused of funding terrorism), Museveni couldn't risk Dr. Kasekende at the central bank. The controversies that engulfed the bank during 2018 - 2020 were all designed to block Dr. Kasekende's rise to the helm of the institution. The highly connected, Justine Bagenda who was the Director of Commercial Bank's Supervision who was at the center of all those controversies was vehemently protected and instead eventually appointed to the board of the Financial Intelligence Authority.  

The current Governor, Dr. Mutebile (71) fled the Idi Amin regime when he was the Guild President of Makerere University in the early 1970s after he criticised the expulsion of Indians. From Tanzania, he connected to the UK where he completed his studies. After the fall of the Iddi Amin regime, Dr. Mutebile served as the Principal Private Secretary to President Godfrey Binaisa. With his strong UPC background, he helped spy on Binaisa's one year term of office. When the UPC took power in 1980, Mutebile served as Under Secretary in the Ministry of Planning where he rose to the position of Chief Economist in 1984. When Museveni took power in 1986, Mutebile's brother, Sabiiti Mutebile, joined the NRA where he served as Chief of Construction until his retirement recently at the rank of General. By 1992, Governor Mutebile had risen to the position of Permanent Secretary in the Ministry of Finance and Economic Planning from where he became Governor of the central bank.  

Therefore, now that Dr. Kasekende is out of the picture, Museveni will soon retire Dr. Mutebile and Dr. Mugume or anybody else will take over. That way, with Keith Muhakanizi as Secretary to the Treasury, David Bahati at the Ministry of Finance, Byengoma and Butuuro at Ministry of Defense and Nakyobe as the State House Comptroller,  Museveni will have full control of a vital tool, the Treasury. He has also just appointed John Musinguzi as Commissioner General of URA.


No comments:

Post a Comment