{"id":29796,"date":"2022-08-26T20:30:31","date_gmt":"2022-08-26T20:30:31","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons"},"modified":"2022-08-26T20:48:49","modified_gmt":"2022-08-26T20:48:49","slug":"boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons","title":{"rendered":"BOZ Governor and Deputies Gets Protection, they can\u2019t be fired without valid reasons"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>President Hakainde Hichilema has signed into law a new legislation that will protect the Central Bank Governor and his deputies from being fired without valid reasons.<\/p>\n

The new law \u2013 Bank of Zambia (BOZ) Act No. 5 of 2022 \u2013 will require the President to setup a three-man tribunal headed by Judge or former Judge to probe any allegations leveled against the Bank of Zambia (BOZ) Governor or his deputies before being sacked from their positions.<\/p>\n

\u201cThe President shall remove the Governor or Deputy Governor from office if the tribunal recommends to the President that the Governor or Deputy Governor should be removed,\u201d reads section 13(7) of the Act.<\/p>\n

Other two members of the tribunal should be persons with knowledge and experience in the field of central banking or economics, finance, law or any other field that is related to Central bank.<\/p>\n

Unlike in the past where President could fire the Governor without reasons, the new law states that Governor and his deputies can only be sacked for \u201cgross misconduct, incompetent, bankrupt\u201d or if he is convicted and imprisoned for a term of not less than six months.<\/p>\n

In short, the Governor and his deputies have been given security of tenure like that of the judges and the DPP so that they can perform their functions without interference.<\/p>\n

My personal view, though, is that Deputy Governors should not have been given the security of tenure but only Governor as they report to their boss. What if the boss and his deputies don\u2019t get alone? Or Deputy refuse to carry out instruction of the boss?<\/p>\n

The new BOZ Act came into effect few weeks ago following the assent by President Hakainde. The law was recently unanimously passed in Parliament and was only waiting for the presidential assent to become law. The new BOZ Act has also put the tenure of office of the Governor as six years, which will be renewable for further term of six years.<\/p>\n

The passing of this law follows the Constitution amendment of 2016, which among other things, restricted the position of Governor to few professionals. Under Article 214 of the Constitution, only person who is an economist, banker, accountant, finance or lawyer or a field related to banking can be appointed Governor of BOZ.<\/p>\n

The new law has replaced the 1996 BOZ Act and it looks progressive and has interesting and innovative provisions that will enhance the performance and independence of the bank. With these new amendments, politicians will have difficulties to interfere with the operations of the bank.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. President Hakainde Hichilema has signed into law a new legislation that will protect the Central Bank Governor and his deputies from being fired without valid reasons. The new law \u2013 Bank of Zambia (BOZ) Act No. 5 of 2022 \u2013 will require the President to setup a three-man tribunal headed by Judge […]<\/p>\n","protected":false},"author":84,"featured_media":29795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[234,235,233],"class_list":["post-29796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nBOZ Governor and Deputies Gets Protection, they can\u2019t be fired without valid reasons - Zambia<\/title>\n<meta name=\"description\" content=\"President Hakainde Hichilema has signed into law a new legislation that will protect the Central Bank Governor and his d ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BOZ Governor and Deputies Gets Protection, they can\u2019t be fired without valid reasons\" \/>\n<meta property=\"og:description\" content=\"President Hakainde Hichilema has signed into law a new legislation that will protect the Central Bank Governor and his d ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-26T20:30:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-26T20:48:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/08\/postQueueImg_2-63093192c4ced.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BOZ Governor and Deputies Gets Protection, they can\u2019t be fired without valid reasons\",\"datePublished\":\"2022-08-26T20:30:31+00:00\",\"dateModified\":\"2022-08-26T20:48:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons\"},\"wordCount\":442,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/08\/postQueueImg_2-63093192c4ced.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/boz-governor-and-deputies-gets-protection-they-cant-be-fired-without-valid-reasons\",\"name\":\"BOZ Governor and Deputies Gets Protection, they can\u2019t be fired without valid reasons - 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