The Bank of Namibia has announced the appointment of Mr Nicholas Mukasa as Deputy Governor, marking a significant step in strengthening the central bank’s leadership as it navigates an increasingly complex economic environment.
Mukasa was appointed by President Netumbo Nandi-Ndaitwah in accordance with Article 32(4)(b) of the Namibian Constitution, read together with Section 5 of the Bank of Namibia Act, 2020 (Act No. 10 of 2020). His appointment makes him the second Deputy Governor of the central bank.
In a statement, the Bank of Namibia said the appointment underscores its commitment to institutional transformation and its ambition to remain a credible, forward-looking central bank capable of responding to both global and domestic economic challenges.
Strategic Leadership Role
In his new role, Mukasa will play a central part in supporting the Governor in shaping and executing the bank’s strategic direction.
His responsibilities will include helping drive a transformative institutional agenda aimed at aligning the central bank with the demands of a dynamic and evolving economy.
The bank noted that this will involve strengthening internal capabilities to respond to structural shifts, particularly those driven by the digitisation of financial services and the emergence of new growth sectors such as energy.
Mukasa is also expected to contribute to enhancing policy effectiveness and institutional resilience in a rapidly changing financial landscape.
Prior to his appointment, Mukasa served as Director of Financial Markets at the Bank of Namibia.
In that role, he was responsible for managing the country’s foreign exchange reserves, implementing monetary policy decisions, and overseeing government domestic debt issuance.
He also served on key decision-making bodies within the bank, including the Management Committee and the Monetary Policy Committee, where he contributed to policies underpinning Namibia’s macroeconomic stability and financial sector development.
Mukasa brings nearly two decades of experience in financial markets, investment management, and risk analysis.
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Private Sector and Academic Credentials
Before transitioning into central banking, Mukasa gained private sector experience in stockbroking and asset management, working with Namibia Equity Brokers and Prudential Portfolio Managers Namibia. He also has earlier professional exposure in the aviation and retail sectors.
Academically, Mukasa holds a Bachelor of Business Administration from the University of Namibia and is a Chartered Financial Analyst (CFA) charterholder.
He has further strengthened his executive leadership credentials through programmes such as the Senior Management Development Programme at Stellenbosch University and the General Management Programme at Harvard Business School.
His training is complemented by additional postgraduate and specialised courses in investment and risk management.
Welcoming the appointment, Bank of Namibia Governor Mr Ebson Uanguta described the move as timely, highlighting the institution’s ongoing efforts to build a knowledge-based and future-ready organisation.
“Mr Mukasa’s appointment could not be more timely as we continue to build a knowledge-based institution. His extensive expertise in financial markets and policy implementation will be crucial in guiding the Bank through this pivotal phase,” Uanguta said.
He added that the bank is focused on adapting to the evolving economic environment, strengthening internal capabilities, and refining its monetary policy framework and liquidity management tools to position itself for future success.
The Bank’s Board, Management and staff have extended their congratulations to Mukasa and pledged their full support as he assumes his new responsibilities, expressing confidence in his ability to contribute meaningfully to Namibia’s economic stability and growth.
