An open letter to DR Louis Kasekende

Deputy Governor – Bank of Uganda, Louis A. Kasekende

By Kagenyi Lukka

Ndugu Kasekende, greetings from Budaka!

I have been reliably informed that you don’t like what I write about you especially related to how you handled the crane bank saga, other Defunct banks and your latest woes with the Committee on Commissions Statutory Authorities and State Enterprises (COSASE).

To add on this list, that you are strongly unnerved by my criticism of your wealth because I have questioned its source.

However, I want to encourage you to read this letter to the end so that you could find a thing or two for your deeper introspection.

My critical writings about you aren’t meant to be interpreted as pursuing personal vendetta against you because I am not aspiring for your job, salary and neither am I an heir of your filthy mysterious riches.

A modern political state can survive for several days without other institutions of state but not the Central bank which we know as Bank of Uganda.

The stability of the economy largely depends on the robustness of the central bank.

The Central bank is the regulator of banking activities in an economy, is a banker to government, a lender to commercial banks and controls currency circulation among others.

Being a highly educated economist, I have no doubt in mind that you appreciate such a million times more than me.

However, a central bank riddled with reports of incompetence and negligence, fraud, collusion and corruption is a time bomb for any economy, its a disaster.

The situation is made worse when its highly placed technocrats like yourself are involved in acts of possible illicit enrichment with undeclared properties and suspicious transactions in billions belong to close family members like your wife.

Such reports damage the reputation of the central bank, it loses trust and in our case, it has nearly become a shadow of the post-independence robust central bank because the current scandals afflicting the institution had never happened.

I also know a good number of post-independence former deputy governors and executive directors who served with diligence, retired but are living modest lives with no records of obnoxious wealth.

Ndugu Louis Kasekende, it is just a matter of time that you will exit your position as deputy governor (either willingly or your contract may not be renewed).

And when the dust settles, there will be time to look back and reflect.

How will you, Louis Kasekende, be remembered?

This is a pertinent personal question for anyone in public service in very critical positions like you.

What is utterly shocking about you is that you have always quite despicably, found a way of rationalising the incompetence and misdeeds at the central bank-You remember the half-truths you told about the economy and the closure of crane bank during the 20-year anniversary for the Uganda Securities Exchange.

I can’t forget to remind you about how you attempted in futility to cover the irregularities at Bank of Uganda when chose to oppose the forensic audit under the petty cover of subjudice.

You maintained the same obsession with this rule when you appeared in panic before the COSASE last week.

The auditor general’s report has not only exposed you as a dishonest public official but also, one that rationalises incompetence.

That the Igg has been outraged and is moving in to investigate your suspicious riches should make you think deep as well because you may be the first BoU official to go to jail if sufficient explanation can’t be given.

But in a related case, the probe by COSASE may end your tenure at the central bank by handing you a miserable exit (impeachment).

Finally, how do you wish to be remembered?

As one that presided over the deterioration of Bank of Uganda or be the first deputy governor to be arrested and impeached with disgrace?

I remain Kagenyi Lukka, a socio-political commentator and the next MP, Ikiiki in Budaka.



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