Mutebile died this morning at Nairobi Hospital, according to an announcement by Deputy Governor Micheal Atingi-Ego. He was 72.
The Governor of the Bank of Uganda Emmanuel Tumusiime Mutebile is
Dead. Mutebile died this morning at Nairobi Hospital, according to an
announcement by Deputy Governor Micheal Atingi-Ego. He was 72.
Mutebile was admitted to Nairobi
Hospital on Sunday, December 31, 2021, after he collapsed due to complications
related to diabetes. He had been in and out of hospital in recent years mainly in Uganda and India, with sources at the bank pointing to
diabetic-related sicknesses, which have led to failing kidneys
Prof. Emmanuel Tumusiime-Mutebile, a seasoned professional economist
has served as Governor and Chairman of the Board of Directors of the Bank of
Uganda since 2001. He had just started a new term of office for which he was reappointed in 2021. He previosly served as secretary to the
treasury from 1992 to 2001 when he was appointed governor.
By virtue of being BOU's chief executive, Mutebile was the chief
monetary, fiscal and economic advisor to the government, introducing
several policies like monetary policy, inflation targeting and many
He will be remembered for speaking out against the government's high
appetite for debt, frustrating the development of cryptocurrency in the
country, among others.
He is also remembered for spearheading the design and implementation of the Economic
Reform Program that restored Uganda from the economic crises of the 1970s and
1980s to sound economic performance during his service as the Permanent
Secretary/Secretary to the Treasury in the ministry of finance,
planning, and economic development.
"Saddened to learn the passing of Prof. Emmanuel Tumusiime-Mutebile, one
of the grandfathers of Uganda’s modern economy. We are better off today
because of the reforms he spearheaded and the service he rendered. My
sincere sympathies to his family and BOU," Ramadhan Ggoobi, the Secretary to the Treasury said this morning.
His tenure has also been characterized the closure of financial institutions deemed underperforming or mismanaged. While
he maintained that this was done to maintain the integrity of the
sector and protect customer deposits, it has recently been highly
criticised as mishandled, with limited transparency. A parliamentary probe in 2018 and 2019 into the closure of banks
threatened his career, but while it revealed several flops, Mutebile was
not directly implicated.
Mutebile attended Kigezi College Butobere and Makerere College
School in Kampala, before joining Makerere University in 1971, where he
was a Guild President, and the institute will remember him as a pillar. He, however,
completed his undergraduate studies at Durham University in England,
after fleeing Uganda, having made a scathing attack on the then
government decision to expel Asians from the country.
there, he began his post-graduate studies at Balliol College, Oxford in
1974, but went to the University of Dar es Salaam to lecture and conduct
research while pursuing his doctorate in economics.
am saddened by the news of the passing on of our gallant alumnus Prof.
Emmanuel Tumusiime-Mutebile who has also been the Governor of the Bank
of Uganda. While at Makerere, Professor Mutebile served as Guild
President," said Vice-Chancellor, Prof Nawangwe.
Mutebile also worked as a consultant for
multilateral and regional organizations including the World Bank, International
Monetary Fund, Organization for Economic Cooperation and Development,
Macroeconomic and Financial Management Institute of East and Central Africa, UK
Department for International Development, the North-South Institute in Canada,
and for the governments of Rwanda, Kenya, Tanzania, Eritrea, and Nepal.
In 1979 and 1984, he briefly
served as Deputy Principal Secretary to the President, Undersecretary
and later Chief Economist in the Ministry of Planning.
In 1992, he was appointed Permanent Secretary to the merged Ministry of
Finance Planning and Economic Development.
Since 2006, he has been a visiting professor in the Department of
Economics at Makerere University and has been the Chancellor of
the International University of East Africa.