Former Bank of Uganda Governor, Leo Kibirango, details his time at the regulator in a new book, 'Challenges of a Central Bank Governor: My Journey and Reflections'. He reflects on his service under four administrations in some of the most unstable economic periods.
He describes how one outgoing leader demanded dollar reserves, while an incoming government also wanted the same to ‘fly back their families from exile’.
Born in the Catholic outlands of Nkokonjeru, Kyaggwe, central Uganda, in 1939, the book illustrates how he ended up at Makerere University, from where he joined the Bank of Uganda in 1967, just four years after independence.
Mr Kibirango explains how he moved through the ranks through training and promotions, rising fast and by April 1979, when President Idi Amin was toppled, he had become a general manager.
In 1980, he was appointed acting Deputy Governor. A year later, he became the acting Governor. At the end of October 1981, he was confirmed by President Milton Obote.
He was preceded by five governors in 15 years. Three of them quit in strange circumstances, one lost his life, another was imprisoned, while others fled into exile.
He proudly mentions initiating ‘reciprocal credit arrangements’ with the Central Bank of Kenya at a time Uganda lacked essential goods. He admires Kenyan bank governors Duncan Ndegwa and Eric Kotut for ably implementing the ‘Revolving Credit arrangements’.
Almost immediately after the December 1980 elections that brought back President Obote to power, the International Monetary Fund (IMF) flew in a team to help resuscitate the economy.
Once Uganda agreed to manage its finances according to IMF guidelines, it became possible to begin negotiations over Uganda’s debt relief.
He says the Paris Club agreed to write off Uganda’s debt.
Foreign exchange reserves rose from a paltry US$3 million in 1980 to USD106 million in 1983, sparking off the growth seen from 1983 to 1985,” Kibirango writes.
He says to address the rampant foreign exchange shortages, Kibirango and his team introduced a dual exchange rate system; to curb the black market.
After leaving the Bank, in late 1986, he joined the private sector and helped create diverse structures which supported the changing corporate world and national financial architecture.
Among these were the Kampala Stock Exchange; Capital Markets Authority; Institute of Bankers; the Institute of Corporate Governance of Uganda; and the ‘Financial Intelligence Authority.
He served both CMA & FIA as pioneer Chairman, later veering into consultancy on the local and international scene, where he is up to today.
Out of numerous Central Bank Governors in the original East African countries of Kenya, Tanzania and Uganda, only three have ever penned autobiographies, detailing how they served in the hot seat.
The three had something in common; they came from humble backgrounds. Through hard work, they soared to the coveted office in their respective countries.
They are Kenya’s Duncan Ndegwa whose book, titled ‘Walking in Kenyatta’s Struggles: My Story’ was released in 2006 and Edwin Mtei of Tanzania whose 2009 autobiography is titled: ‘From Goatherd to Governor’.
Now, the latest such autobiography is from Kibirango. You will not be disappointed by browsing through how Uganda’s economic journey has been thus far; and how it can be made better.
The book, published a few weeks back, will soon be available on Amazon.com. It can be found at Aristoc, Mukono and Uganda Bookshops; and at LK Consultancy.
