The Central Bank Deputy Governor Dr. Louis Kasekende’s third term of office is nearing expiry having occupied the position since 2009.
Kasekende, 61, first served as the deputy governor between 1999 and 2002.
Before then, he had served in different capacities at the central bank –director of Research Department and executive director responsible for research and policy.
He moved on to work as chief economist of the African development bank from 2006 to 2009.
Reports indicate that Mr. Kasekende is supposed to handover office this coming Friday, January 13 after efforts to have his contract extended hit a dead end.
Earlier, Kasekende had positioned himself as the next Bank of Uganda Governor until hell broke loose as his named surfaced in a number of dirty dealings particularly in closure of private banks which had been supporting the common Ugandans by offering them business loans at a lower interest rate.
Realizing he could be chasing wind in attempting to pursue the Governor job, Mr. Kasekende began to silently lobby to stay in his current position when his term expires.
Among top government officials who have secretly been pushing for his stay in office are Secretary to the Treasury/ Permanent Secretary Ministry of Finance, Planning and Economic Planning, Keith Muhakanizi and Finance Minister Matia Kasaija.
Earlier, in 2019 a group of staunch Catholics led by former Finance Minister Gerald Ssendawula ‘confronted’ the President at his native home in Rwakitura asking to have Kasekende stay in office.
POLL
Against that backdrop, this website initiated an opinion polls on social media seeking views of Ugandans on whether Mr. Kasekende is still eligible to carry out his duty as the Deputy Governor and therefore his contract should be renewed after expiry.
“Dr. Louis Kasekende’s 3rd term as Deputy Governor comes to an end this January 2020- a largely successful career, only damaged by allegations of dirty dealing in the closure of a number of defunct banks.” That was our poll question posted on social media platforms.
We chose to use social media because it has been a center of focus by driving debate. And the most Ugandans who use social media are well informed on the state of the current affairs in the country are particularly the ender users of Bank of Uganda.
Asking voters to support their vote with a reason, 42% opposed Kasekende’s contract extension, 39% supported him while 17% fell nowhere.
Defunct Banks
Participating in closure of the defunct banks seems to have been the main reason majority of Ugandans are furious should government offer him the 4th term.
“He can’t absolve himself from the dirty system,” a voter commented.
Whereas Bank of Uganda has closed seven banks in history, Lousi Kasekende presided over the closure of five Banks.
Greenland bank (1999), the Cooperative bank (1999), National Bank of Commerce (2012), Global Trust bank (2014) and Crane bank ltd (2016). Those are the banks which were shut down under his supervision.
What however, dismays the population is that these banks were closed illegally yet they provided very friendly interest rates on loans which would support their businesses.
Another voter said, the illegal sale of these financial institutions has depleted the economy because Ugandans are unable to support their business some of which collapsed and therefore they can’t contribute much to the Foreign Exchange.
The available banks which were favored by Kasekende and his team at BoU are offering very high interest rates which scare away borrowers.
The same voters applauded businessman Sudhir Ruparelia for standing firm against any form of impunity exercise by Bank of Uganda at a time when is Crane Bank was sold off to DFCU Bank in 2017.
It is the illegal sale of Crane that exposed Bank of Uganda officials who sold some of the private bank on phone or without the full knowledge of the Governor Emmanuel Tumusiime Mutebile.
A series of other scandals ensued including stealing of old currency notes, printing of more money and many more.
Reports have since indicated that Makerere University Business School (MUBS) Principal Prof. Wasswa Balunywa had been tipped to replace Kasekende.
This website is still verifying this report.
Prof. Balyunwa served on the Board of Directors of the Bank of Uganda, the country’s central bank and national banking regulator, from 2001 until 2012. He was the serving board chairman of Uganda Airlines, at the time of its liquidation in 2001. His result oriented economic policies turned MUBS from Uganda College of Commerce (UCC) Nakawa to leading business school in the country.
