Prof. Emmanuel Tumusiime-Mutebile

President Yoweri Museveni has reportedly summoned the top brass at Bank of Uganda for a second meeting in just under a week. They are to face him next week, sources said.

President Museveni first met the team on Thursday this week and briefed them on the forthcoming amendments to the BoU Act.

This time round, Eagle Online has established, the President is interested in current bicker at the lender of last resort.

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“Yes the Governor and a selected team met the President on Wednesday but it is a continuing engagement as government is in the process of amending the Bank of Uganda Act,” the source said.

Government last week revealed that Cabinet was in the process of amending the Bank of Uganda Act. Information and Communication Technology Minister Frank Tumwebaze said the Bill would be introduced in Parliament after being prepared by the First Parliamentary Counsel.

The reported meeting with Mr Museveni comes at the time when BoU is embroiled in internal squabbles including the sacked former Executive Director in charge of Bank supervision, Justine Bagyenda refusing to handover office to her successor Dr. Tumubweine Twinemanzi.

Recently, Cabinet also endorsed the changes at the BoU which saw the reshuffle of 30 top officials including the long-serving Bagyenda, who was sent into retirement.

Bagyenda, whose contract at BoU was supposed to end June 2018, went on annual leave on January 22, but in a reshuffle announced by Prof. Mutebile, was retired.

It has also emerged that those that were angered in the restructuring have petitioned several government oversight bodies, including the government Ombudsman (IGG), to have Mr Mutebile probed over the changes.

Those fights, our sources say, are what prompted the President to summon the bank’s top brass because he is apprehensive the changes could affect the already limping economy.


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