By Thoboloko Ntšonyane
MASERU – The Prime Minister’s Chief Economic Advisor Dr Maluke Letete has been appointed a Governor of the Central Bank of Lesotho (CBL).
This is per the Bank’s website.
The Bank had on December last year, announced the vacancies of the Governor and Deputy Governors (First and Second) following the expiration of the then Governor Dr Retšelisitsoe Matlanyane’s term and her deputies, Dr Masilo Makhetha (First Deputy Governor) and ‘Mathabo Makenete (Second Deputy Governor).
According to the CBL website, Dr Letete will be deputized by the incoming Lehlomela Mohapi as First Deputy Governor.
Mohapi has been acting as Governor since January. He holds a Master of Science degree in Economics and Econometrics.
Meanwhile, the position for Second Deputy Governor remains vacant.
It is not yet clear when the Governor and the First Deputy Governor will assume their roles as the Gazette operationalizing their positions had not been published by the time of going to press.
According to the Section 9 of the CBL Act, 2000, the Governor and the Deputy Governor must be appointed by the King acting on the Prime Minister’s advice.
The Governor of CBL serves as the Chief Executive Officer and the Chairperson of both the Board of Directors and the Monetary Policy Committee (MPC).
Dr Letete is no stranger to CBL as he has previously served the Bank as Non-Executive Director.
Dr Letete was the Economics lecturer at the National University of Lesotho and the University of Cape Town.
The incoming Governor was also consulting for many non-governmental organizations (NGOs) and institutions such as United Nations Development Programme (UNDP). He had also held a position of Senior Consultant at the Ministry of Development Planning.
Dr Letete was also instrumental in the formulation of the National Strategic Development Plan (NSDP II) as a Coordinator.
He has travelled extensively within the Southern African Development Community (SADC) region doing the commissioned work.
He holds a PhD in Economic Science, Financial Economics, Political Economy and Institutional Economy.
Among others, CBL is tasked with the responsibility to achieve and maintain price stability as per Section 5 of the CBL Act, 2000.
The Governor and Deputy Governors’ tenure in office is five years and may be renewable.
