Family forest: Sata appoints Kaseba’s cousin as BoZ deputy Governor

President Michael Sata, is his usual lack of seriousness, has continued to expand the family forest by appointing Dr. Christine Kaseba’s cousin, Ernest Kakokota, as the Deputy Governor – Operations who until last week was just a Centre Manager for ZANACO Northend Branch.

The appointment caused drama last week when Kakokota went to Bank of Zambia and requested to be given his appointment letter from Bank Govenor Dr. Micheal Gondwe.

Dr. Gondwe who was completely in the dark about the whole issue informed Mr. Kakokota that he was not aware that he was supposed to appointment him as his deputy.

He later advised Kakokota to ask those who informed him of the appointment to furnish him with the details.

The following day he went back with an appointment letter signed by Fredson Yamba the Secretary to the Treasury. Interestingly Kakokota is First lady’s cousin while Yamba is married to Kaseba’s young sister Sera Kaseba.

The appointment is a laughed one as the man whose main responsibility will be to formulate and implement appropriate monetary policy, act as the fiscal agent of the Government, to license, regulate and supervise banks and financial service institutions registered under the Act to ensure a safe and sound financial system and manage the banking, currency and payment systems operations of the Bank of Zambia has no qualification in economics.

He has a diploma in charted institute of banking level II and is currently pursuing an online Masters degree. Those who have passed through a University know that no reputable University will accept you to pursue a Masters degree without a first degree from a recognized University.

It will be interesting to know how he will provide guidance to members of staff at Bank of Zambia who are required to possess a Bachelor and Masters degrees to qualify for any position in the Central bank from middle management level.

Currently BoZ has over 20 PhD in Economics holders. Kakokota’s appointment parallels the appointments Idi Amin made after becoming President of Uganda who picked a Bank Clerk as the Governor for Bank of Uganda.

Kakokota replaces demoted Bwalya Ngandu, who despite not being competent had a Phd at least in Psychology. He is currently languishing in his home village as PS for Muchinga Province.

With such appointments, you wonder why the Kwacha has become worthless in more than 20 years.

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