Kampala – The head of the Bank of Uganda, Emmanuel Tumusiime Mutebile, died on Sunday, the central bank said, and analysts warned that his death could augur a period of uncertainty for the fragile economy of the east African country.
Mutebile, who had headed the central bank for more than 20 years and was one of the architects of key reforms to help turn Uganda’s economy around, died early Sunday in a hospital in the Kenyan capital of Nairobi, the Bank of Uganda said in a statement.
The 72-year-old had been hospitalised in December for health complications linked to diabetes.
Mutebile’s contract as central bank chief had been renewed at the beginning of 2021.
Prior to taking office in 2001, he had previously occupied a number of important posts in the finance ministry.
In both capacities, he oversaw the implementation of key economic reforms in collaboration with the International Monetary Fund.
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Since the brutal nationalisation policies of Idi Amin Dada in the 1970s, Uganda has managed to diversify its economy and attract foreign investors, notching up average annual economic growth of around 6.4 percent over the past three decades.
“A seasoned professional economist and reformer, he spearheaded the design and implementation of the Economic Reform Programme that restored Uganda from the economic crises of the 1970s and 1980s to sound economic performance,” the Bank of Uganda wrote on its website.
Prime Minister Robinah Nabbanja described his death as a “big loss to the country of a great economist who played a key role in stabilising our economy”.
Under Mutebile’s direction, the central bank was one of the few institutions in the country to enjoy independence from President Yoweri Museveni, who must now name a successor.
But the central banker also had his critics, who claimed that Mutebile did not prevent the government from plundering the public coffers to illegally finance election campaigns.
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Source: AFP
Picture: Twitter/@Mbidde
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