Museveni Re-appoints Josephine Okui Ossiya To Bank Of Uganda Board: Here Is Her Full Profile
Parliament has on Thursday vetted Ms. Josephine Okui Ossiya who has been re-appointed by HE. Yoweri Kaguta Museveni to the Bank of Uganda Board.
”I chaired Parliament’s Committee on Appointments to vet the Presidential nominee for the Bank of Uganda board, Ms. Josephine Okui Ossiya, this morning. The Committee will communicate its decision to the appointing authority,” Deputy Speaker Thomas Tayebwa confirmed.
More About Josephine Okui Okwakol Ossiya
Ossiya, a Certified Public Accountant, is currently one of the seven members of the BoU’s Board of Directors after she replaced Mr Ibrahim Kabanda (RIP) who was one of the other members of the board who included the late governor and his deputy.
She also chairs the Strategy and Finance Committee of the Board (SFCB) and serves on the Audit and Governance Committee.
Josephine also served as the chief finance officer at Bujagali energy limited.
Josephine was a council member and vice President of the Institute of certified public accountants of Uganda(ICPAU) with over 20 years of experience in finance, audit, treasury management, risk management, general management and board governance.
She has served on several boards and in different roles including board chairperson and Vice President of ICPAU, and contributed to the strategic development of those organisations.
Her main objective was to promote the Institute, grow its membership, and increase members’ publicity and recognition in institutions and workplaces.
Josephine also promoted the implementation of best practices in the operations of the Institute such as real-time risk management given the current dynamic environment and data analytics.
She is famous for harmonising relationships between the Institute and other professional organisations as well as the Government of Uganda and she also chaired the ICPAU’s Disciplinary Committee.
She also previously served on the Finance, Planning & Administration Committee and the Events Management Committee of ICPAU.
Josephine has promoted the accounting profession to secondary school students during career guidance sessions in the community and also speaking at student summits and career seminars organised by the Women in Energy.
She has also been involved in a number of Institute activities, annual seminars and CPD workshops and also helped to shape the strategy of the Institute for the years ahead.
Josephine holds a Master’s in Business Administration (International Business).
But Still With No Governor &quorum for the board 1 year and 5 months after the demise of the Late Prof. Emmanuel Tumusiime Mutebile
A year later, since the death of Prof. Emmanuel Tumusiime Mutebile, the president is yet to appoint a new Governor of the Bank of Uganda.
Mutebile died on January 23rd January 2022 at a hospital in Nairobi, Kenya and since then the highest office was ‘under pressure’ from some groups, including the Bakiga, the Baganda, the Catholics, the Protestants, and the Muslims, to appoint their preferred candidate as the next Central Bank Governor.
It’s worth noting that since the demise of Prof. Emmanuel Mutebile, the Bank of Uganda has been in the hands of the Deputy Governor Mr. Michael Atingi-Ego as the hunt for the right candidate is still on to date.
However, according to a source in a position of knowledge, the president could be planning an overhaul at Plot 37/45 Kampala Road before the end of this year.
Article 161 of the Constitution provides that the authority of the Bank of Uganda shall vest in a board. It is composed of 07 directors: the governor who is the chairman of the board, the deputy governor who is the deputy chairman and five other non-executive directors. Hitherto, the Permanent Secretary and Secretary to the Treasury, (PSST) was automatically among the ‘’ not more than five other members.’’
Nevertheless, under the new law, the PSST is no longer a board member. Consequently, without a governor, that leaves only five members.
According to corporate governance experts, For Board Meetings, the minimum number of members required is 1/3rd of the total number of directors.
Many Ugandans have since castigated the appointing authority for failure to appoint a new governor after almost a year and a half since the death of Mutebile, does this mean that of all great economists Uganda has the President’s ‘eye’ has not yet seen one of the available candidates with the capacity to run fit for the position, not even the deputy governor?
