President Yoweri Museveni has sacked Bank of Uganda (BoU) member of board of directors Ibrahim Kabanda.

Kabanda has been serving as one of the Non-executive directors of BoU for a long time before President Museveni declined to renew his contract.

Kabanda is the only board member among the four directors whose contracts have not been renewed.

According to the presidential directive, Speaker of Parliament Rebecca Kadaga has been asked to replace Kabanda with a new board member- Josephine Okui Ossiya who together with others were successfully vetted on Thursday by the parliamentary appointments committee chaired by the Speaker.

Consequently, Clerk to Parliament Jane Kibirige on Thursday informed members on the appointments committee to meet to vet the four members to sit on the board.

“HE the President wrote to the Rt. Hon Speaker of Parliament recommending the renewal of contract for the current members of board of directors, Bank of Uganda save for Mr.  Ibrahim Kabanda who has been replaced by Ms Josephine Okui Ossiya,” Kibirige’s letter reads.

It however, remains unclear why President Museveni declined to renew the contract of Kabanda.

The BoU head of communications Christine Alupo couldn’t pick her phone for a comment.

The other members of board of directors who were successfully vetted and approved in a meeting chaired by speaker Kadaga on Thursday at South Committee Room in Parliament are;  Dr.  William Kalema, James Kahoza and Judy Obitre-Gama.

According to Article 161 of the 1995 Constitution, “The authority of the Bank of Uganda shall vest in a Board which shall consist of a Governor, a Deputy Governor and not more than five other members.”

Section 3 adds that “The Governor, the Deputy Governor and all other members of the Board shall: (a) be appointed by the President with the approval of Parliament and (b) hold office for a term of five years but shall be eligible for re-appointment.