KAMPALA – Dr Louis Kasekende on Monday, January 13, 2020, handed over office as the Deputy Governor Bank of Uganda, a day to the expiry of his contract.
The media was not allowed to witness the handover that took place at Bank of Uganda offices.
Dr. Kasekende’s contract is due to expire on Tuesday, January 14 but sources inside the central bank said he had to handover the office to his boss, Governor Emmanuel Tumusiime Mutebile, before the actual date.
According to article 161 (3) of the Constitution, the Governor and his deputy are appointed by the President for five-year terms, which are subject to renewal.
According to the law, the Governor and his deputy are supposed to write to the President six months ahead of the expiry of their terms. Then it is up to the discretion of the President to renew the contract or appoint another person.
In this case, the President has not yet responded to Dr Kasekende’s letter, a situation that has left him with no option but to hand over office.
Dr Kasekende started working at the Bank of Uganda in 1986 and has been tipped to replace the ageing governor Mutebile. The 61-year-old was appointed to the Deputy Governor position back in January 2010.
However, sources said he has been lobbying senior government officials he believes are close to the President for the renewal of his contract.