Uganda Electricity Transmission Company appoints Joshua Karamagi, CFA its new CEO 

Uganda Electricity Transmission Company Limited (UETCL) has announced today that Joshua Karamagi, CFA, has been appointed as its new CEO.

UETCL is a Government of Uganda 100% owned company that purchases electricity in bulk from generating companies and sells it to distribution companies throughout Uganda.

He replaces George Rwabajungu who resigned in August 2022. Taremwa Micheal Kananura has been holding the CEO position in an acting capacity for the last five months. 

Karamagi will assume office on the 1st of March 2023. 

An accomplished finance professional and business leader, he brings to UETCL over 25 years of CFO experience, 8 of them in energy infrastructure finance and investments. He also wields extensive experience in capital project analysis, cost improvement and strategic business plan development.  

Joshua is a CFA charter holder. He also holds an MBA from Edinburgh Business School, Herriot- Watt University and is a certified public accountant. He also holds a B. Com (Honours) degree from Makerere University. 

In 2018, he was recognized by Deloitte and Touché and ACCA Uganda, as the best-performing CFO in the public sector. 

Joshua is joining UETCL from Uganda Electricity Generation Company Ltd, where he has been the Chief Financial Officer since 2015.  

As CFO of  Uganda Electricity Generation Company (UEGCL) for the last 8 years, he was among others, part of the key team that developed the 660 megawatts Karuma and 183 megawatts Isimba Hydropower dams. His role involved structuring the financing and negotiating power purchase agreements for the successful construction of the two dams which are worth over USD 2 billion. 

He also participated in the structuring, financing and construction of Nyagak III Power Station, a 6.6 megawatts mini hydroelectric power project. Nyagak III is a Public Private Partnership (PPP) between UEGCL and a consortium consisting of Hydromax Limited and Dott Services Limited for USD25 million. 

Karamagi started his finance career at PwC as an Audit Senior and in January 1999, moved to Celtel Uganda (now Airtel Uganda) as a Financial Accountant. In January 2002, he joined AfricaOnline as the Chief Accountant for one year, before joining Uganda Breweries as Chief Accountant. After one year, he joined NSSF Uganda as the Chief Financial Officer for 5 years. In August 2007, he left the Fund and joined the Ministry of Finance, Planning and Economic Development (MoFPED) as an Assistant Commissioner. After 3 years, he, in November 2010 joined Makerere University as the Financial Director until December 2014, when he joined Uganda Electricity Generation Company Limited as the Chief Finance Officer.