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Dr Adam Mugume replaces troubled Kasekende as BOU Deputy Governor

The Board of Bank of Uganda (BoU) has appointed Dr. Adam Mugume as the Deputy Governor of BoU in acting capacity, pending President Museveni’s decision to appoint a substitute deputy governor. Mugume has been the Executive Director of Research for the Central Bank.

The position fell vacant for 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, Kelvin 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 James Kahoza, Dr Mugume was unanimously selected to execute the duties of the deputy governor.

The communication signed by Kahoza and copied to the governor, 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.”

Who’s Mugume

Prior to becoming BoU’s Executive Director Research, Mugume headed the Bank’s modeling division between 2007 and 2010. He holds a PhD from Oxford University, UK, and a master’s degree in economics from the University of Botswana.

For his PhD, he researched on applied econometrics and macroeconomics. He previously headed the department of Economic Theory and Analysis at Makerere University.

He also consulted for the World Bank and African Economic Research Consortium between 2004 and 2007. His experience lies in economic forecasting and policy analysis; macroeconomics, applied econometrics, and fiscal and monetary policies. His students at Makerere know him for teaching the hardest course unit – econometrics

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