Following the vacancy left by the passing of Emmanuel Tumusiime Mutebile, the long-serving Governor of the Bank of Uganda (BOU), President Yoweri Museveni has nominated Josephine Okui Okwakol Ossiya, a seasoned accountant, for the position.
Since January 2021, Dr Michael Atingi-Ego, the Deputy Governor and Deputy Board Chairperson, has been serving as the Acting Governor and overseeing the BOU’s operations.
Dr Atingi-Ego has been acknowledged by the International Monetary Fund (IMF) for effectively managing the country’s microeconomics amidst global and local financial challenges, including the impact of the Covid-19 pandemic and the Russia-Ukraine war. Notable achievements include maintaining relative stability in the foreign exchange rate and controlling inflation within acceptable levels. He has also upheld the BOU’s stance against high borrowing rates and the size of public administration.
President Museveni has kept the public in suspense for over two years regarding the appointment of Mutebile’s successor and the identity of the next head of the central bank.
The nomination of Ossiya was confirmed by Deputy Speaker of Parliament, Thomas Tayebwa, who stated that she underwent the vetting process conducted by Parliament’s Appointments Committee. Tayebwa also mentioned that the committee would communicate its decision to the appointing authority.
Ossiya, a Certified Public Accountant, currently serves as one of the seven members of the BOU’s Board of Directors. She chairs the Strategy and Finance Committee of the Board (SFCB) and is a member of the Audit and Governance Committee. The SFCB ensures the appropriate allocation of the bank’s financial resources to meet strategic priorities and provides oversight of risk and IT governance.
If approved by Parliament, Ossiya will assume the position of board chairperson, with Dr Atingi-Ego as her deputy. As per Article 161 [2] of the 1995 Constitution, the board holds the authority of the Bank of Uganda, responsible for its management, general affairs, direction, performance, and long-term success.
Ossiya was appointed to the board by President Museveni in 2018, replacing the late Ibrahim Kabanda. She holds various professional memberships, including being a Fellow of the Association of Chartered Certified Accountants (UK), a member of the Institute of Internal Auditors Inc. (US), and a member of the Institute of Certified Public Accountants of Uganda (ICPAU). She holds a Master’s Degree in Business Administration (International Business) and was recently appointed as a member of the new Governing Council of ICPAU.
Additionally, Ossiya serves on the board of Britam Holdings Ltd, an insurance solutions company, and previously worked as the Chief Finance Officer at Bujagali Energy Ltd. With over 20 years of experience as a practicing accountant, she has expertise in finance, audit, treasury management, risk management, general management, and board governance through her partnership at Rona & Partners Certified Public Accountants.
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