National News

Museveni renews Mutebile’s contract as Governor BoU

President Yoweri Museveni has renewed the contract of Bank of Uganda Governor Emmanuel Tumusiime Mutebile for another five years.

The renewal of his contract will make Mr. Mutebile the longest serving Governor of Bank of Uganda. He has served as Governor Bank of Uganda since 2001.

He was first appointed to that position on  January 1,2001 and was re-appointed for a second five-year term on  January 1, 2006. In December 2015, he was re-appointed for another five-year term on 12 January 12, 2016.

Mutebile’s reappointment will however require Parliamentary approval this time round even though he has been credited for the growth of Uganda’s economy most especially in the 2000s.

Despite his overwhelmingly great work at the helm of the Central Bank, Mutebile has been scrutinized over the resolution of closed and defunct banks including Sudhir Ruparelia’s Crane Bank.

Mutebile was expected to be replaced by his former deputy, Luis Kasekende. However, Kasekende’s contract was not renewed by the power that be last year and was subsequently replaced by Dr. Michael Atingi-Ego.

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Arnold Nkalubo
Arnold Nkalubo is a writer and editor with an exceptional interest in issues that influence passion and lifestyle.