By Okello E. Moses,
KAMPALA
The Democratic Party has suggested the establishment of a commission to oversee the selecting the Bank of Uganda Governor.
Ismail Kirya, the party’s Ag. spokesperson says there is a need for a commission akin to the Judicial Service Commission, with a mandate to vet applicants for the Central Bank’s top job.
President Museveni on Monday appointed Micheal Atingi – Ego (who has been in acting capacity for the last three years) and Senior economist, Prof. Nuwagaba as Governor and Deputy Governor BoU, respectively.
The appointment however, has received strong opposition from the DP which argues that the presence of the suggested commission would have contained the heist of 60 billion shillings at the bank. The party added that with a commission in place, someone would at least be held accountable – which is not the case currently.
Bank of Uganda act gives the President the prerogative to appoint a Governor and his Deputy with cabinet approval. Atingi has been in acting capacity for three years – after the death of Emmanuel Mutebile – who passed on in January, 2023. According to the rules, one can only be in acting capacity as Governor for a period of six months.
How JSC Works?
The Judicial Service Commission is mandated to vet applicants for the Chief Justice and his Deputy. The names are then forwarded to the president for appointment. Had the bank had a commission akin to the Judicial Service Commission, we would have had such a quagmire.
Ismail Kiirya expressed pessimism about the new team because of the systemic issues affecting the Bank besides interference from the political class.
Bank of Uganda act stipulates that a Governor and his Deputy should be individuals with proven banking experience.
PAST GOVERNORS
1. Joseph Mubiru – 1966 – 1971.
2. Moses Semyano Kingi – 1971 – 1973.
3. Onegi Obel – 1973 – 1978.
4. Henry Kajura – 1978 – April 1979.
5. Charles Kikonyogo – April – May 1979.
6. Nkojo Gideon – May 1979 – April 1981.
7. Leo Kibirango – May 1981 – December 1986.
8. Suleiman Kiggundu – December 1986 – April 1990.
9. Charles Kikonyogo – May 1990 – May 2000.
10. Emmanuel Tumusiime Mutebile – 2001 – 2022.
A bank of Uganda Governor is the chief Executive officer and chairman of the board of directors of the Bank of Uganda. According to the act, he supervises the Banks’ staff and assigns duties and receives reports from staff. He also presides over board’s meetings. He’s responsible for regulating the Banking industry in the country.
