Acting BoZ Governor Appointment Questioned

University of Zambia lecturer Sishuwa Sishuwa has questioned the appointment of Dr Francis Chipimo as acting Governor of the Bank of Zambia by President Lungu. 

Dr Chipimo is currently the Bank’s deputy governor for operations. His appointment comes following President Lungu’s dismissal of Dr Denny Kalyalya last month. Dr Kalyalya’s permanent replacement was named as Christopher Mvunga. However, Mvunga’s appointment is subject to ratification by Parliament. 

Dr Sishuwa has advised Dr Chipimo not to take up the interim appointment because it is not supported by law and he lacks the authority to exercise the functions of the post. He has also warned Dr Chipimo that he could be prosecuted in the future should he do so. 

Speaking with The Mast Dr Sishuwa questioned the basis for the President’s power to appoint an acting central bank governor, which is not prescribed in the Constitution or the Bank of Zambia Act. 

“The office and functions of Governor of the Bank of Zambia are established by the Constitution. Article 214 (1) of the Constitution of Zambia states that ‘There shall be a Governor of the Bank of Zambia who shall be appointed by the President, subject to ratification by the National Assembly, and who shall be (a) a citizen; (b) a person who has specialised training and experience in economics, finance, accounting, banking, law or other field relevant to banking, as prescribed; and (c) a person of proven integrity’. It then states under sub-article (2) that the Governor shall be the Chairperson of the Board of Directors of the Bank. The functions of the Bank of Zambia are set out in Article 213 of the Constitution and are conferred on the Board of Directors,” Dr Sishuwa is quoted as stating. 

“There is no provision under these Articles or any other Article of the Constitution that allows the President to appoint a person to the position of Governor on an acting basis. The question is, where did President Lungu get the power to appoint Dr Chipimo as acting central bank governor?” he continued.

Dr Francis Chipimo