By Otim Nape
Bank of Uganda governor Emmanuel Mutebile’s breathing space is shrinking everyday and the sickly honorary Professor must be regretting the day he accepted a fresh term of office as head central bank. According to Andrew Mwenda’s Independent Magazine that has just come out for this week, Mutebile has given in to pressure and has rescinded his decision requiring Justine Bagyenda to leave immediately. Whereas Bagyenda’s final contract was to end in June 2018, a disgusted Mutebile had required her to leave now for her office to be occupied by Dr. Tumubweine Twinemanzi as new BoU Executive Director in charge of bank supervision. Mutebile had made the changes at the start of February but his fat ego was deflated when Bagyenda refused to hand over office preferring to run her full race to June 2018. She also called for the intervention of the IGG, leaving frail Mutebile stretched and more confused.
The Independent further reports that the anxiety the fights with IGG and dissatisfaction expressed by some BoU BOD members has forced Mutebile to give some concessions including allowing Bagyenda to stay on up to June. He has also decided to get Twinemanzi, the PhD holder he wooed from UCC, to start work in an alternative room inside BoU from where he does work related to bank supervision which clearly is the mandate of Bagyenda. This is said to have fermented more confusion as Mutebile insists that supervision staff shun Bagyenda and keep reporting to Twinemanzi directly. From the same Twinemanzi they are required to take instructions and not from Bagyenda anymore. Meanwhile, reflecting on the man’s background and the fact that his father previously served on the BoU BOD, some BOD members are now faulting Mutebile for insisting on Twinemanzi because of where he comes from.
The Independent implies that Mutebile and Twinemanzi’s families are two entities that are well known to each other, a thing some BOD members think explains his preference of him to take Bagyenda’s job in a manner that is almost adhoc. This is why some BOD members are beginning to insinuate tribalism and ethnicity in the way Mutebile came to seriously consider Twinemanzi for the post of Executive Director supervision. But what can’t be discounted is the fact that, regardless of where he comes from, Twinemanzi is fairly a well qualified fellow. His PhD is in economics and was awarded by the University of Texas and his thesis was titled: “Interest Spreads & the Margin Setting Behavior of Commercial Banks: Evidence from Uganda.” At UCC he was ED Engineer Godfrey Mutabaazi’s blue eyed boy serving in the capacity of Director in charge of Industry Affairs & Content Development. Its widely suspected Mutebile’s ethnic ties or relationship with Twinemanzi is one area the IGG will be looking into to establish the propriety of his appointment to replace Bagyenda. For comments, call/text/WhatsApp us on 0703164755!
