UGANDA: Dr. Kasekende bows out of BoU, bids farewell to staff

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Central Deputy Governor Dr. Louis Kasekende whose contract President Museveni declined to renew has finally bid an emotional farewell to staff as appointing authority starts to implement COSASE recommendations.

In an emotional statement, Dr. Kasekende who has worked at Central Bank for over three decades in various capacities thanked President Museveni for the appointment.

“As you already know, my contract as Deputy Governor of Bank of Uganda came to an end on January 14, 2020. It has been a great honor to serve in the position of DG for the last 10 years,” he wrote.

Dr. Kasekende: “I also thank the various Ministers of Finance, Governors and the Board of Directors of the Bank for the support over the many years I have served the Bank.”

“Last but not least, I would like to thank you all for the love and tremendous support during my employment with BoU. Excluding the years I was at the World Bank and the AfDB, I have spent close to thirty years in total with BoU, thus many of my colleagues have become friends.”

This website reported that after changes in Cabinet last December, sources said President Museveni was set to take on government agencies with the Inspectorate of Government, the Uganda Human Rights Commission and BoU with Dr. Louis Kasekende as the first top dog out at BoU.

Parliament recommended massive changes at BoU after a thorough inquiry and now the President has started implementing them starting with Dr. Kasekende’s exit.

Parliament’s COSASE that investigated the closure of seven commercial banks by Bank of Uganda confirmed irregularities in the dissolution of banks, exposed mismanagement at the Bank and proposed key reforms while providing wholesale recommendations against its officials guilty of the prevailing mistakes.

The COSASE report recommended that some shareholders be compensated for the losses. It also recommended that BoU officials (without naming them) who committed the mistakes, be held personally responsible for the mess involving the closure of the banks. The currency saga also cast a dark shadow over the central bank in May following allegations of printing of extra Shs90b and transportation of an authorised cargo on a chartered plane.

The Principal of Makerere University Business School (MUBS), Prof Waswa Balunywa, and Dr Richard Byarugaba, the managing director of the National Social Security Fund (NSSF), are the front runners for the job.

Dr Kasekende started working at the Bank of Uganda in 1986 and had been tipped to replace the aging governor Emmanuel Mutebile.

The 61-year-old was appointed to the Deputy Governor position back in January 2010.

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