Prof. Emmanuel Tumusiime-Mutebile, Bank of Uganda’s longest-serving Governor, dies at 72 years During his time, the banking industry has prospered and strengthened. Industry assets have grown by more than 20 times from UGX1.85 trillion that he inherited to UGX38.2 trillion as at the end of 2020- a growth of 3730%. Deposits too grew by 20% from UGX1.33 trillion to UGX26.8 trillion- a growth of 2580%. Lending also grew by 1530% from a mere loan portfolio of just UGX530 billion to UGX16.3 trillion at the end of 2020.

Prof. Emmanuel Tumusiime-Mutebile, Bank of Uganda’s longest-serving Governor and Chairman of the Board of Directors, since 2001, has died.

He was aged 72 years.

Born on January 27^th, 1949, he has died 4 days before his birthday.

Details of his passing are yet to unveil, but according to various sources, he has been unwell and admitted to Aghakhan Hospital, Nairobi on life support.

He passed on around 05:00 am this morning.

A few weeks ago, he was evacuated to Nairobi by air ambulance, in very critical condition.

A seasoned professional economist and reformer, he spearheaded 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 responsible for finance, planning, and economic development.

He 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.

He was a member of the High-Level Panel of the UNDP for the production of the Human Development Report of the UNDP; the Management Group for overseeing the evaluation of the implementation of the Comprehensive Development Framework of the World Bank in 2001; and the High-Level Panel of Eminent Persons to advise the President of the African Development Bank on the strategic future of the African Development Bank in 2006.

He holds Fellowships of the World Bank Institute, and Rotary Foundation of Rotary International.

He was educated at Makerere University, Durham University, and Oxford University.

He is an Honorary Professor of Makerere University, an Honorary Doctor of Philosophy of Nkumba University, a Companion of the Commonwealth Partnership for Technology Management (CPTM), and a Doctor of Laws (Honoris Causa) of Bishop Stuart University.

During his time, the banking industry has prospered and strengthened. Industry assets have grown by more than 20 times from UGX1.85 trillion that he inherited to UGX38.2 trillion as at the end of 2020- a growth of 3730%. Deposits too grew by 20% from UGX1.33 trillion to UGX26.8 trillion- a growth of 2580%. Lending also grew by 1530% from a mere loan portfolio of just UGX530 billion to UGX16.3 trillion at the end of 2020.

He inherited 17 banks and of these, he closed 3. After some mergers and licensing of new banks, today, there are 27 licensed banks.

Among many other changes, Mutebile has been hailed as a pro-innovation governor. During his time, banks have been able to introduce new products such as cards (debit and cash, Automatic Teller Machines (ATM) and specially packaged accounts to attract savers.

He is also credited for the successful operationalization of credit reference bureaus, amongst other innovations.

Mutebile’s lowest point in his 21-year rule was in 2018 and 2019 when a parliamentary probe found that BoU had irregularly mismanaged the closure and sale of 7 defunct banks. However, he was never directly implicated in the scandal.

Several reforms were proposed to plug the identified regulatory gaps. Parliament also recommended that officials implicated in the illegalities be punished, something that is yet to be implemented to date.