JPM bids farewell to former BoT boss
President John Magufuli with the newly appointed Bank of Tanzania governor, Prof Florens Luoga (left), and his predecessor, Prof Benno Ndulu, at State House, Dar es Salaam, on Wednesday. PHOTO | STATE HOUSE
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Prof Ndulu, 67, told President Magufuli when he paid him a courtesy call at State House that he had been approached by a number of global institutions, including the World Bank.
Dar es Salaam. President John Magufuli yesterday wished former Bank of Tanzania (BoT) governor Benno Ndulu all the best after officially leaving the post he held for ten years.
Prof Ndulu, 67, told President Magufuli when he paid him a courtesy call at State House that he had been approached by a number of global institutions, including the World Bank.
Dr Magufuli said the fact that respected organisations were interested in Prof Ndulu’s expertise was testimony to his competence and commitment.
“I commend Prof Ndulu for his pivotal role in presiding over strong economic growth. The interest some global organisations have shown in you is testimony to your ability,” he said.
Prof Ndulu had previously worked with the World Bank’s Tanzania country office before joining BoT.
President Magufuli said Prof Ndulu – who presided over average annual economic growth of seven per cent, up from five per cent when he took over at the central bank a decade ago – had his blessings in his endeavour to work with international organisations.
Others present at yesterday’s brief farewell ceremony included the newly appointed governor, Prof Florens Luoga.
Prof Ndulu commended President Magufuli’s leadership, saying it had made the work of the central bank easier in managing the economy.
“As I leave office the annual headline inflation is at 4.4 per cent and foreign currency reserves are at $6 billion. This has made it possible for the government to finance mega infrastructure projects,” he said.
The economics professor, who is credited with implementing prudent policies and overseeing macroeconomic stabilisation that have underpinned Tanzania’s strong economic performance, was appointed by former President Jakaya Kikwete on January 8, 2008 following the sacking of the late Dr Daudi Ballali.
Dr Ballali was sacked after dubious entities siphoned billions of shillings off BoT’s External Payment Arrears Account during the 2005/6 financial year.
Prof Ndulu’s biggest task when he took over as governor was to restore the central bank’s credibility and institute mechanisms aimed ay ensuring that it did not become the target of corrupt politicians again. However, this proved to be an uphill task when BoT was involved in another scandal after hundreds of billions of shillings were irregularly withdrawn from the Tegeta Escrow Account in 2014.
Meanwhile, the government intends to release Sh200 billion for the repayment of a part of the domestic debt.
