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Dr Louis Kasekende
Deputy governor BoU Dr Kasekende. Courtesy photo

Probe Reveals Bank of Uganda Deputy Governor Kasekende’s Wealth

The details of Kasekende’s wealth is contained in his Declaration of Income, Assets and Liabilities form presented to the IGG
posted onOctober 18, 2018

By Max Patrick Ocaido

KAMPALA. The Inspectorate of Government report has detailed the wealth of Bank of Uganda (BoU), Deputy Governor, Dr Louis Kasekende.

In accordance with the Leadership Code Act 2002, all public servants and leaders are required to declare their wealth to the Inspector General of Government (IGG).

The details of Kasekende’s wealth is contained in his Declaration of Income, Assets and Liabilities form presented to the IGG.

This comes at a time when the IGG Irene Mulyagonja is probing the wealth of several Bank officials including Governor Emmanuel Mutebile. Mutebile and Kasekende‘s wealth probe follows another investigation against former director supervision Justine Bagyenda.

In his declaration of wealth form, Kasekende who earns a salary of Shs45m per month and Shs13m allowance has multi-billion properties in leafy suburbs of Kampala and Wakiso districts.

In the details of assets on undeveloped or vacant land, Kasekende reveals that he is the rightful owner of Plot 3 Gaba Close valued at Shs2.1bn, Plot 1475, Lubowa Est in Wakiso (Shs2bn), Plot 12 Corporation Rd, Ntinda (Shs390m), Plot 2 Bukoto Rise, Naguru (Shs1.3bn), Plot 2B Makindo Lane, Kololo (Shs2bn) and Buloba plot 706 Block 314 (Shs500m).

With the exception of Buloba plot which contains his residential home, Kasekende has built commercial houses on each of his plots of land all valued at Shs7.69bn.

In his declaration form, Kasekende also added that he collects rent of up to $13,233 (about Shs50m) per month.

Kasekende says that he was able to obtain the above listed assets from his gratuity payments from BoU, AfDB and World Bank. Other sources include; loans from BoU, DFCU, Standard Chartered Bank. Kasekende holds 3 bank accounts at Standard Chartered Bank with one being a shilling current account which he holds together with his wife, Edith Kasekende and another being a current dollar account which he still holds with his wife. His third account is also a current dollar account which he holds with his son Andrew Kasekende.

He also holds two bank accounts with Barclays Bank and another account with Stanbic bank bringing it to a total of 6 bank accounts.

Kasekende also holds an account with Bank-Fund Staff Federal Credit Union in Washington.

Kasekende also declared that he owns three personal vehicles that is; Mercedes ML350, Mercedes S320 and Toyota Hilux all valued at Shs60m.


Dr. Kasekende was born on August 26, 1958. He holds the degree of Bachelors of Arts in Economics from Makerere University. He also holds a Master of Arts and Doctor of Philosophy (PhD) both in Economics, all obtained from the University of Manchester in the United Kingdom.

From 1988 until 1994, Dr. Kasekende worked as a part-time lecturer at Makerere University. He joined the Bank of Uganda in 1986 and served in various capacities including the following; Director of Research, Executive Director of Research and Policy and Deputy Governor. Between 2002 and 2004, Kasekende was seconded to the World Bank by the government to serve as the Executive Director to the World Bank, representing twenty-two African countries, including Uganda, on the bank’s executive board.

From May 2006 to 2009, he served at the offices of the African Development Bank (AfDB), in Tunisia, as AfDB's Chief Economist. During his tenure, he is credited for playing a leading role in the AfDB’s efforts to help African economies withstand the impact of the global economic crisis. In January 2010, Dr. Kasekende was re-appointed Deputy Governor of the BoU- a position he has served up to date.

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