Time UP: BoU Kasekende’s 17 Y’r Term Comes To A Sudden End As Appointing Authority Plays Mute Button On His Contract Renewal

Time UP: BoU Kasekende’s 17 Y’r Term Comes To A Sudden End As Appointing Authority Plays Mute Button On His Contract Renewal

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By Our Reporter

Kampala: So goes the saying that a good dancer is he who knows the point at which to leave the stage. Another one says that even the best dancer leaves the stage. Lest I forget, the most commonly adage is that a good visitor is he who knows when to leave! All the above are true to once very powerful and cobweb-like connected deputy Governor Bank of Uganda (BoU) Dr.Louis Kasekende as his 17 year long experience at BoU comes to a sudden end with little hope of renewal.

Kasekende’s troubles that could have halted the renewal of his contract could be traced from the many controversies he found himself engulfed in, among them, the controversial sale of Dr.Sudhir Ruparelia’s Crane Bank, which was sold on just a telephone call.

Kasekende, the once undisputable second in command and most powerful giant’s five-year tenure as Deputy Governor of the BoU finally comes to an end this Friday, January 10, 2020, having begun his term in this position on January 18, 2010.

Kasekende replaced David Opio Okello as deputy Governor.

For 17 years, Kasekende has toured and served in several capacities at the Central Bank, including as director of research department, executive director responsible for research and policy and served as deputy governor between 1999 and 2002. He has previously served as a member of the United Nations Group of Eminent Persons for the Least Developed Countries and the World Bank Knowledge Advisory Commission.

Dr Louis Kasekende’s letter to finance minister Maria Kasaija about renewal of his contract

 Currently, Kasekende is a board member of the African Export Import Bank (AFREXIMBANK), the International Economics Association (IEA) and the Africa Economic Research Consortium (AERC). He is also a member of the National Steering Committee on Capital Markets Development in Uganda.                    

Kasekende holds a Bachelor’s of Arts degree from Makerere University, diploma in econometrics, masters of arts and PhD in econometrics from the University of Manchester. He has authored several articles in academic journals and books.

As the day comes closer, the question on everyone’s mind is whether President Yoweri Museveni will extend his tenure or not. And if not, who will replace him? Speculations have pointed at Makerere University’s Prof. Waswa Balunywa, among other candidates. 

 It should be noted that from May 2006 to 2009, Kasekende served as chief economist of the African Development Bank (AfDB). As chief economist, he was the bank’s spokesperson on socio-economic and development issues of importance for Africa. He supervised the development research department, the statistics department and the African Development Institute. Between 2002 and 2004, he served as alternate executive director and later as executive director at the World Bank for Africa Group 1, which included 22 countries that were mostly from Anglophone Sub-Saharan Africa.

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