MASERU – Dr Maluke Letete has been appointed substantive Governor of the Central Bank of Lesotho (CBL). Letete was appointment on Monday this week, taking the position which was, since January this year, temporarily filled by Lehlomela Mohapi after former governor, Dr Retšelisitsoe Matlanyane, left the CBL following the expiry of her contract December 31, 2021.
Mohapi has since been appointed Dr Letete’s deputy while the position of the second deputy remains vacant. According to the Central Bank of Lesotho Act of 2000, Section 9, both the governor and deputies are appointed by the king on the advice of the prime minister for a term of five years, and may be eligible for re-appointment. While holding office, the Act states, both the governor and deputies shall not occupy any other office or assume any other position of responsibility, whether or not there is any remuneration attached to it.
Prior to his appointment as governor, Dr Letete served as non-executive director of the bank for close to 10 years before joining the Prime Minister Moeketsi Majoro’s office in 2020 as economic adviser. He also worked as a senior lecturer and head of the Economics Department at the National University of Lesotho (NUL) from 2006 until 2018. He specializes in economic modeling, strategic planning, governance and institutions.
He previously served as a Non-Executive Director for CBL. The incoming governor also led the development of the country’s second National Strategic Development Plan (NSDP II) as a coordinator. He has also been an international consultant for organisations such as the Commonwealth Secretariat, Southern African Development Community (SADC), United Nations Development Programme (UNDP), Economic Commission for Africa (ECA), among the many he has worked with.
He holds a PhD in Economics, Financial Economics, Political Economy and Institutional Economy. Dr Letete is also one of the founders of the NUL Innovation Hub, which is a unit of the university that incubates start-up businesses.