BoU explains move to replace seven directors
Bank of Uganda has spoken out on the move to have seven of its directors replaced.
The Central Bank in an April, 24 internal advert by Solomon Oketcho, the Executive Director in charge of administration, announced that seven directors will be replaced with new ones.
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However in a statement on Tuesday, the bank defended the move as being usual.
“The positions are being advertised internally in line with BoU’s Human Resource Recruitment and Dvelopment Plan which provides for internal career growth and development opportunities for staff,” a statement by the Deputy Governor, Dr.Adam Mugume says.
According to Dr.Mugume, among the seven advertised positions, one has fallen vacant whereas four will fall vacant between May and October.
“.. as the current office holders are set to retire , two positions were occupied by staff that have since been seconded to other organization.”
In the statement, the bank deputy governor said that in case the required skills to fill the positions are not available internally, the bank can always advertise for external recruits.
“BoU wishes to reassure the public of the integrity and transparency of its recruitment processes and its commitment to fostering price stability and a sound financial system.”
According to the advert, the position of the Executive Director in charge of Information Technology, Executive Director Operations, Director Non- Bank Financial Institutions, Director Medical, Director Human Resources, Director Financial Stability and Director Financial Markets will have new holders.
“Interested candidates should submit their applications to the Director Human Resources through the BoU recruitment module of the HRMS not later than May,22, 2020,”the advert says.
The development has since been interpreted by the public as intended to implement the COSASE report on the manner in which BoU handled the closure of various commercial banks.
In February, the Parliamentary committee on Commissions, Statutory Authorities, and State Enterprises (COSASE) released its report from the 2018 inquiry into “irregular conduct” by the central bank in the process of taking over defunct banks and noted that the central bank acted irregularly in the process and recommended several changes at the bank.
