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Mutebile’s contract renewed

Emmanuel Tumusiime-Mutebile

Emmanuel Tumusiime-Mutebile is set to be reappointed as the governor of Bank of Uganda, in what could be his fourth five-year term.

The 66-year-old appeared before the parliament’s appointment’s committee in a closed meeting on Monday and was approved after they were satisfied with his track record.

Christine Alupo, the central bank’s director for communication, confirmed to this newspaper the governor’s fourth-term approval, saying “we congratulate him upon his reappointment.”

The appointment comes at a time when the central bank’s stringent monetary tightening policy has helped arrest inflationary pressures against a wide section of the public’s expectations ahead of the 2016 general elections.

The announcement ends a long-running rumour mill where different names had been thrown about as possible replacements.

One analyst, who declined to be quoted for fear that the reappointment still required presidential assent, said: “Mutebile’s track record speaks for itself. He has been very consistent on economic policy matters, ensuring no reversals even at times when the economy went through turbulence. He has passed all tests and that’s what is required at the moment.”

Mutebile was first appointed governor in 2001 and is credited for standing up against different pressures and not being afraid to tell donors that some of their policies were “stupid.”

The blunt-talking economist is known to be firm in his resolve. He is not shy to tell President Museveni off if he thinks his policies won’t work.

At parliament on Tuesday, he promised to keep inflation in single digits even with mounting pressure from electoral spending. Inflation has been in single digits since early 2013.


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