Why Museveni Has Applied Delaying Tactics On Renewal of Kasekende Contract

Why Museveni Has Applied Delaying Tactics On Renewal of Kasekende Contract

By Spy Reporter

Bank of Uganda Deputy Governor Dr Louis Kasekende’s contract is expiring on January 18, 2020 and he is uncertain on whether President Yoweri Museveni will renew it or fire him.

Kasekende, as you read this, has 10 days in office, but President Yoweri Museveni, who is always prompt when it comes to such important matters of the state, has not showed any interest in the matter.

However, no one can be deceived he is not following the developments at Bank of Uganda,  and whether to retain Kasekende or show him exit.

However Museveni, a master strategist, is in no hurry to renew Kasekende’s expiring contract . The reasons for the delaying tactics are not yet known but fact is that President Museveni is a strategic planner.

But it should be noted that Finance Minister Matia Kasaija has been quoted saying that he has severally written to President Museveni informing him of the near expiry of the term of the deputy governor but he is yet to receive a response from State House.
The finance minister says it is not up to him to renew Dr Kasekende’s tenure as it is the president’s mandate to do so.

Dr Kasekende, 61, who has served at BoU since 1986,  according to close associates, is still very much interested in getting another term (Kisanja) at BoU. But the appointing authority is painfully taking his time,  as if he is not interested in matters concerning BoU. That means that Kasekende’s days at BoU are now numbered, unless President Museveni does a ‘miracle’.

But it should be noted that Kasekende has been running BoU for years under the veil of his frail boss Governor Emmanuel Tumusiime Mutebile.
Due to Mutebile’s deteriorating health condition, the responsibility of the efficient running of the central bank rested on Dr Kasekende’s shoulders for the last 10 years and firing him now would create a deep void in BOoU management, according to business analysts.

Dr Kasekende was appointed deputy governor in January 2010 as Mutebile started showing signs of tiring and old age was catching up with him.

The term of governor and deputy is for five years, which means Kasekende has already served two terms and has vast experience in the management and operations of the Central Bank.
 He should have used this to drive BoU into the right direction. In fact, the opportunity came around 2015/16 when Prof Mutebile was bedridden, and Kasekende was fully in charge of the Bank of Uganda.

Unfortunately,  Kasekende’s name  has in the past showed in various scandals that BoU ha been cited in. Chief  among those is the dubious  winding up and sell of Crane Bank, which was announced by Bank of Uganda as a regulatory control move.

However, its effect on the economy was mammoth with many business people hitting a dead end as Crane Bank was their last resort in running their day to day finance operations.
Then, Crane bank was sold to DFCU bank by BoU, a move which turned out catastrophic and has haunted the managers of the central bank to this day.

Even the managers of Dfcu bank managers are cursing why they ever bought Crane Bank and inherited its assets and liabilities.Currently, Dfcu Bank has since closed all its branches which they had opened up in buildings previously leased  by Crane Bank from Meera Investment LTD.

Both the Auditor General and Parliament have pointed out several regulatory and management errors in the procedures taken in closing not only Crane Bank, but also the other defunct commercial banks, which were closed under Kasekende’s eye.Lesgilators who were.  It was hard to believe that directors admitted to selling banks, for example, on telephone or Whatsapp messages.

Kasekende’s Profile
Kasekende joined Bank of Uganda in 1986, serving in different roles until he reached deputy governor position. He in between also worked for the international monetary fund (IMF), World Bank and African Development Bank. He has his first degree in Economics from Makerere University, a diploma in Econometrics, Masters in Econometrics and PhD in the same discipline.

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