“We used to tell BoU staff that they were behind the inflation but they denied it. Instead they pushed the blame on government for releasing excess cash into the economy,” said Kayondo.
Kayondo added that Mutebile took up the job and avowed to be independent in his performance. Now that he has admitted to influence from politicians, Kayondo says Mutebile should do the honourable job and resign because he failed the principle of trust and service to the country and not to an individual.
Mutebile’s admission will likely send shivers down the spines of other global economic leaders such as the International Monetary Fund and the World Bank who awarded him a medal in 2013 for steering Uganda’s economy out of the financial crisis.
In 2013, Mutebile received the African Investor Group Award as the Central Bank Governor of the year for his alleged efforts in stabilising prices from turbulent times.
The award is organised by the IMF, World Bank and the MIGA. Top leaders in these bodies will probably be shocked to learn that Mutebile was awarded for trying to reverse effects of a crisis he actively participated in creating.
In 2011, Mutebile also admitted to having given President Museveni US$740 m to buy fighter jets without Parliamentary approval.