IMF/World Bank reject new BoZ deputy governor

Following revelations by the Zambianwatchdog, the World Bank and the IMF have rejected the appointment of First Lady Christine Kaseba’s cousin, Ernest Kakokota, as Bank of Zambia Deputy Governor.

The two multi-national financial institutions which are very vital in Zambia’s economic development say Kakokota is not qualified.

Apart from not being qualified, Kakokota was also wrongly appointed as he was appointed by his brother in law Fredson Yamba who is Secretary to the Treasury instead of President Michael Sata.

But the agony for President Sata whose appointments are mainly based on tribe, is now that he has been forced to revoke the appointment of Kakokota.

Instead the two institutions have forced Mr. Sata to appoint Wynter Kabimba’s recommended name of Mr. Morris Mulomba, a former Director at Bank of Zambia, as the new Deputy Governor- Operations.

Last month the Zambian Watchdog reported that Sata had recommended Mr. Chisha Mwanakatwe while Kabimba had recommended Mr. Mulomba for the position.

But when Sata and Kabimba could not agree, Dr. Kaseba and her brother in law, Fredson Yamba, wanted to pull a fast one by appointing their unqualified relative Mr. Kakokota.

But the two financial institutions have now approved Kabimba’s recommendation and president Sata has since lost the battle and appointed Mr. Mulomba as deputy governor to replace demoted Bwalya Ng’andu.

Kakokota’s appointment caused drama last week when he 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.

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