POWER VACUUM REALITY HITS BOU! Anxiety grips staff over impending layoff…KPMG’s restructuring report leaks

Things are not cool at Uganda’s economy centre-Bank of Uganda, we can reveal.

Reports reaching us indicate that the absence of the bank’s head (Governor) could culminate into something disastrous.

As you read this, reports say the bank is facing hard times due to the absence of a substantive governor.

A source says that the staff at the bank are up in arms over what they term as maladministration and that this could culminate into an economic crisis.

The developments follow the demise of former Governor, Prof. Emmanuel Tumusiime Mutebile, who was held in high esteem at the bank.

Mutebile was always referred to as a real parent irrespective of where one hailed from.

However, a source says that since his demise, the bank has been hitting low levels in terms of administration and management.

As you read this, many staff are now very disgruntled and feel like resigning their positions sooner than later.

A source says that an NSSF- like parliamentary inquiry at the bank could certainly unveil a Pandora’s Box which no one can really expect at the bank.

A source alleges that there has been segregation in promotion of officers and this has raised eyebrows of lower cadres who accuse some middle managers of mismanagement, greed for money, disrespect and sectarianism.

Sources add that these issues have been put to the attention of top management but without any solution.

Other sources said that in the recent few months, a retiring security assistant was attached to benchmark at the Central Bank of Tanzania with a Deputy Director.

This left the active serving security assistants not only puzzled but wondered whether the same fellow was adding any value to the department because she was left with a few days to retire from the bank.

Such issues of sectarianism were reported to the top bosses but nothing useful seems to have been done about it.

It’s at the back of this that some staff say that there are lots of weird things happening at the Central Bank that need to be investigated so that culprits are brought to book.

Our sources also indicate that such issues have continuously been coming up on the Bank’s social media platforms without fear of apprehension.

IMPENDING LAYOFF

If you take the temperature of how several staffers at BOU are feeling at the moment, the scale would likely read “uneasy.”

They have good reason to feel anxious.

Top bosses have alerted them to prepare psychologically and physically for the impending layoffs. Some are now worried that their jobs may be on the chopping board.

This publication has learnt that the Central Bank recently last year contracted KPMG, a consultancy firm, to conduct a restructuring exercise of the bank to determine the required staff levels for a ‘modern and evolving bank’ as part of the bank’s 2022-2027 strategic plan.

However, although this process was conducted and whose recommendations were tabled to the board on of directors on February 10, 2023, a section of staff think it was just a scheme of creating new positions for people well connected to the top management of the bank.

Sources added that this exercise consumed billions of taxpayers’ money from the Central Bank.

That the exercise aimed at creation of executive offices for the few individuals connected to the top bosses. To accommodate the top bosses’ people, the number of staff positions has been increased from 997 to 1,060 whose perks will be footed by taxpayers.

Many positions will be scrapped off and new ones will be created something that may lead to loss of employment to many BoU staff as others swim in juicy positions. Going forward the bank will redeploy staff by matching employee skills against the new roles.

Most BoU staff members are now on tenterhooks as the future and security of their jobs is at stake.

Are you aware that a lot has happened at the bank since the demise of Governor Mutebile? Are you aware that the State House is probing some officials over some financial matters and recently stormed the place to grill those implicated? Watch the space in our subsequent publication!

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