KAMPALA — Prof. Emmanuel Tumusiime-Mutebile has been re-appointed as the governor of Bank of Uganda, a fifth five-year term.
The 71-year-old is expected to appear before the parliament’s appointment’s committee for approval.
President Museveni reportedly extended Prof. Mutebile’s contract on the eve of Election Day last Wednesday.
The announcement ends a long-running rumour mill where different names had been thrown about as possible replacements.
Mutebile was first appointed governor in 2001.
Officials on Committee on Commissions Statutory Authorities and State Enterprises had recently warned of serious repercussions if the governance issues between Mutebile and his juniors at BoU were not solved.
Mr. Abdu Katuntu who chaired the Cosase committee that investigated and unearthed a rot at Bank of Uganda has asked President to sack Mutebile over governance issues.
“If this fight amongst the factions is not stopped, be ready for serious repercussions,” COSASE warned.
“It may lead to the collapse of the central bank if issues of governance are not hurriedly handled,” he added.
Mr. Katuntu while still the Cosase boss, his Committee noted a number of inconsistencies key among them, the declining performance of the Central Bank, closure and sale of the defunct Banks without any inventory or documentation and grossly undermining the legal procedures of bank closure by the Central Bank.