The deceased Bank of Uganda Governor Emmanuel Tumusiime-Mutebile has been described as an institute economist whose reforms steered Uganda through tough times.
Mutebile, 72, died on Sunday, January 23, 2022, at Nairobi Hospital due to complications related to diabetes.
Since then, many people have paid tribute to him as a man on whose economic policies the country has thrived. He served as Uganda’s governor for more than 20 years, the longest tenure for a bank governor in Africa.
Ramathan Ggoobi, the Secretary to the Treasury, said: 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.”
To Speaker of Parliament Jacob Oulanyah, the economy has remained stable due to Mutebile’s sound policies.
“Saddened by the demise of Prof. Emmanuel Tumusiime-Mutebile. We salute him for meritorious service as Governor of the Bank of Uganda and superintending economic recovery and stability. Commiserations to his family, banking fraternity and the nation at large,” he says.
The first son and commander of Land Forces, Lt. Gen. Muhoozi Kainerugaba, said: “Rest in Peace Mzee Tumusiime Mutebile. You were an icon of Economics. Bank of Uganda will probably never have another longer serving executive chief! God bless you for all your good works!”
Mutebile has been known for not fearing to condemn government’s policy mistakes.
For instance in 2014, Mutebile said in the run-up to the 2011 elections, the central bank had sold so many Treasury bills to create cash for the government and that he could not determine how much of the money “ended up in political electioneering.”
While absolving himself of any blame in the matter, the governor said: “I was there as Central Bank governor. I didn’t participate whatsoever, but because there was some spending by government dependent on Treasury Bills, which I was issuing, I was financing government indirectly. But ever since we understood that, we have never done it again and I will not do it this time,” he said.
“I have never accepted an order from President Museveni where that order was inconsistent with my duties. Never!” he added.
Another instance had occurred in 2011 when Mutebile, in an interview with Financial Times newspaper, revealed that he had disagreed with Mr Museveni over the decision to spend $740 million on jet fighters, which greatly brought down Uganda’s reserves.
“He gave me some promises which he has not kept — like a way to redress the reserves. I’m still fighting with him,” the UK-based newspaper quoted Mutebile as saying.
According to the report, the Ministry of Defence, under President Museveni’s directive, withdrew $400 million (Shs960 billion) from the Central Bank to pay for the fighter jets without parliamentary approval.
With this revelation, many analysts expected that the President would relieve the Governor of his duties. But it never happened.
Again when Parliament recommended that the Central Bank governor be sacked over his role in the inflated compensation of businessman Hassan Basajjabalaba for loss of city property, Mutebile said he was not worried about the “rumblings” in the House and assured investors that his job was safe.
“I can assure you that I am here for the long haul. There is nothing that will take me out of this seat…except God,” he said.
More tributes:
Col Edith Nakalema: It’s with grief and regret receiving the news of the death of Governor Emmanuel Tumusiime Mutebile. He has been a man of great intellect, vision, and inspiring courage. He dedicated himself to building and growing Uganda’s economy. Deep condolences to the Mutebile family. RIP.
Justin Kasule Lumumba: Death has robbed us of Emmanuel Tumusiime Mutebile, Governor Bank of Uganda on Jan. 23, 2022 in Nbi. His contribution to the transformation of our economy was remarkable as a Sec to the treasury & Governor BOU. My heart goes to his family, Gov’t & country. MHSRIP
Robert Kabushenga, former Vision Group CEO: “Rest In Peace ETM. We owe you a debt of gratitude. Thank you for a consequential public service.”
Charles Onyango Obbo: Uganda Central Bank Governor E. Tumusiime-Mutebile, Jan. 27, 1949 – Jan. 23, 2022. Disliked by those who were for a parasitic command economy, Emmanuel believed in Ugandan grit. That in a free market, they could engineer a dramatic economic recovery. He was RIGHT. RIP.
Tooro King Oyo Nyimba Kabamba Iguru: Saddened to learn of the passing of Governor Prof. Emmanuel Tumusiime Mutebile. We’ve lost a true statesman who served his Country diligently & has been a great friend of Tooro. My prayers and heartfelt condolences to his family, friends & the entire country. RIP
Elly Karuhanga: Sad day. My brother #Governor Mutebile has Rested. Our paths crossed at Makerere when we vied for student leadership in probably the hottest election the Makerere Guild has ever seen. At that time, Amin had come to power and banned political activities in the country exceptHe, I and others were running for Guild President. Our Campaigns got the attention of the whole country and beyond. We were offered Open roof cars in motorcades to drive around the Campus and Kampala city . It was a Campaign of two students that startled, galvanizedand thrilled the nation. At the time,It was a campaign like none other. It was a two man horse race. It excited the country. He was branded a Socialist and Pro-Obote and I was branded a Monarchist/Capitalist agitating for the return of the Kabaka and the restoration of kingdoms. None of these were favored by Amin and on the day of elections he expelled Asians. I lost all my Capitalist Asian supporters. We were hosted on TV in live Presidential style Debates.
We were Front page Headlines in the Kenya, Tanzania and Ugandan newspapers.
Dr Ruhakana Rugunda: The passing on of my friend Governor Ndugu Tumusiime-Mutebile is a huge loss to Kigezi,Uganda&Africa. We are grateful for the great contribution he made guiding the economy,private sector development,academia&student& youth leadership in his earlier years.
Andrew Mwenda: Emmanuel Tumusiime Mutebile, this great architect of Uganda’s economic recovery, this titan of our banking industry, this intelligent, magnanimous and generous soul, this friend of all and enemy of no one, rested this morning at 5.30am. RIP my friend! You have been a true giant!
Parliament of Uganda: Parliament has learnt of the death of the Governor, Emmanuel Tumusiime Mutebile. The Parliamentary Commission conveys it’s condolences to the family, friends, staff of the bank & the country at large for the loss of the great son of Uganda. May his soul rest in peace.