Dr Adam Mugume to perform deputy governor duties at BoU

Friday March 27 2020

Dr Adam Mugume, the executive director of

Dr Adam Mugume, the executive director of research Bank of Uganda. He has been assigned to perform duties of deputy governor at BoU. File photo  

By ISMAIL MUSA LADU

The Director of Research at Bank of Uganda, Dr Adam Mugume, was on Friday assigned to perform the duties of the Deputy Governor of Bank of Uganda.

The position fell vacant about three months ago after Dr Louis Kasekende’s contract ended. He served in that position for 10 years.

When contacted, the Central Bank Deputy Spokesperson, Mr Kelvin Kizito Kiyingi confirmed the development.

In a communication sent to the management and staff of Bank of Uganda on Friday evening after a special executive meeting presided over by Mr James Kahoza, noted that Dr Mugume was unanimously selected to execute the duties of the Deputy Governor of the Bank of Uganda until a substantive appointment is made.

The communication signed by Mr Kahoza and copied to the governor (and also the board chair), Mr Emmanuel Tumusiime Mutebille, who was not present in the meeting, reads: “In exercise of the duties and powers of the board under section 10 of the Bank of Uganda Act (Chapter 51), the Board Members of the Bank of Uganda at a special meeting held on March 27, 2020, unanimously resolved to designate Dr Adam Mugume to perform the executive functions of the office of the Deputy Governor until a substantive deputy governor is appointed.”

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In response to Daily Monitor, Mr Kiyingi, in an email said that, Mr Solomon Oketcho, the Executive Director Administration, sent communication to all the Central Bank employees bringing to their notice Dr Adam Mugume will be performing executive functions of the Office of the Deputy Governor.

The communication signed by Mr Kahoza and copied to the governor (and also the board chair), Mr Emmanuel Tumusiime Mutebille, who was not present in the meeting, reads: In exercise of the duties and powers of the Board under Section 10 of the Bank of Uganda Act (Chapter 51), the Board Members of the Bank of Uganda, at a Special meeting held on March 27, 2020, unanimously resolved to designate Dr Adam Mugume to perform the executive functions of the Office of the Deputy Governor until a substantive Deputy Governor is appointed.”

The communication further read: “The purpose of this communication is to inform you (all staff) of the above Board decision, and request you to accord Dr Mugume the necessary cooperation.
“This appointment takes immediate effect.”

In response to Daily Monitor, Mr Kiyingi, in an email said that, Mr Solomon Oketcho, the Executive Director Administration, sent communication to all the Central Bank employees, bringing their attention to this matter—appointment of Dr Adam Mugume, this evening.

According to the communication, Dr Mugume will be performing executive functions of the Office of the Deputy Governor.

Dr Mugume’s brief Profile
Mr Kiyingi added that Dr Mugume is a highly respected economist with many years of experience in Central Banking and academia.

He said since 2011, he has been head of the Bank of Uganda’s Research and Policy Directorate, where he has been responsible for overseeing the Central Bank economic forecasts and monetary policy formulation.

“He has been instrumental in the successful implementation of the Inflation Targeting monetary policy framework, which has enabled the Bank of Uganda to maintain firm control over inflation,”Mr Kiyingi said.

He continued: “He also serves on the Board of the Uganda Bureau of Statistics. He holds a PhD in Economics from Oxford University; a Masters in Economics from the University of Botswana and Bachelors in Economics from Makerere University.”

Iladu@ug.nationmedia.com

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