Britam’s board member Ossiya to sit on BoU board as well

President Museveni has appointed Josephine Okui Ossiya as Bank of Uganda board member, replacing retiring businessman and former Uganda Revenue Authority chairman Ibrahim Kironde Kabanda.

In a November 29, 2017 letter to the Speaker of Parliament, the President reappointed three other non-executive board members of the central bank—besides Ossiya, who also sits on the Britam Uganda insurance firm’s board. They are Dr. Willam Kalema, James Kahoza, Jude Obitre-Gama.

According to Article 161 of the Constitution of the Republic of Uganda, 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.

The Governor and Deputy Governor are appointed by the President with the approval of Parliament. The two are constitutionally mandated to carry on the responsibility of Chairperson and Deputy Chairperson of the Board of Directors, respectively.

Ossiya is currently the Chief Finance Officer at Bujagali Energy Limited. She was previous CFO and Head of Finance of ATC Ghana (2012 – 2014) and the Finance Director, Eskom Uganda Limited from 2008 to 2012. She is a member of the Institute of Certified Public Accountants of Uganda (ICPAU), a Fellow Association of Chartered Certified Accountants UK (ACCA) and a Member of Institute of Internal Auditors Inc. US (IIA).

Ossiya is also a founder Member of the Institute of Internal Auditors Inc. Uganda. Ms. Ossiya holds a Bachelor of Commerce degree (Accounting) from Makerere University.

The composition of the board of directors of the central bank has Governor Emmanul Tumusiime Mutibile as Chairman, Deputy Governor Louis Kasekende as Deputy Chairman, and Susan Wasagali Kanyemibwa as Board Secretary. The board secretary is appointed by the board to facilitate board business and is picked from among the central bank directors.

The others are the four non-executive members and the Secretary to the Treasury (Keith Muhakanizi), who is a member.

The Board has several committees for effective discharge of its duties. These are the Staffing, Finance, Audit and Works Committee.