For 12 months now, Uganda has gone without a substantive Central Bank Governor.
Having spent consecutive 20 years at the helm of Bank of Uganda, Professor Emmanuel Tumusiime Mutebile passed away on January 23 2022, leaving a vacuum in the top position of the central Bank.
Although the Bank of Uganda (BOU) Act mandates the President to appoint a person with recognized financial and banking experience to this Governorship - President Museveni has kept his cards close to the chest as to when a new Governor will be named!
In this tenure without the central Bank having a Governor, Deputy Governor Mr. Michael Atingi-Ego has held the mantle.
Asking about the status of the BOU Governorship, Ms Charity Mugumya - the bank's Director of Communication reffered journalists to the State House Press Secretary who was unavailable for a comment. Mr Patrick Ocailap, the deputy secretary to the Treasury, proceeded to note that “if it ain’t broke, don’t fix it.”
“What has gone wrong for us to be worried about?” he wondered, adding, “Imported inflation has been managed very well. We are also navigating the effects of Covid-19 pandemic without capsising the boat. All that is being done without a substantive governor. There is no reason to panic. Everybody should just relax. At an appropriate time the decision maker will make a decision.” Ocailap said.
