Ezra Suruma
Encyclopedia
Dr. Ezra Suruma is a Uganda
n economist
and banker. He is a Visiting Fellow at the Brookings Institute, in Washington, DC, at the Africa Growth Initiative division of the Institute. He was appointed to that position in April 2010. He is also a Senior Adviser to the President of Uganda
on Finance and Economic Planning, a position he has held since 16 February 2009.
(BSc
) in Finance
, from Fordham University
, in New York City
, obtained in 1969. His degree of Master of Arts
(MA
) in Economics
was obtained in 1972, also from Fordham University. His Doctor of Philosophy
(PhD
) in Economics was obtained in 1976, from the University of Connecticut
. He also has a Masters Degree in Computer Science
and one in International Banking.
at Makerere University
and at Florida A&M University
. In 1987, he joined the Bank of Uganda
, the country's Central Bank
, as the Director of Research, serving in that capacity until 1990. From 1990 until 1993, he served as the Deputy Governor
of the Bank of Uganda. In 1993 he left the Bank of Uganda and joined Uganda Commercial Bank (UCB) as the Chairman and Managing Director, serving in that capacity until 1996. UCB, the largest commercial bank in Uganda, formerly owned by the government, was acquired by the Standard Bank of South Africa
in 2002, and merged with Stanbic Bank (Uganda) Limited
.
In 2005, he was appointed Minister of Finance, Planning and Economic Development
. He served in that capacity until 16 February 2009, when he was appointed Senior Presidential Adviser on Finance & Economic Planning. The international banking magazine, "The Banker," chose Dr. Suruma to receive the "Best Finance Minister of Africa Award," for 2008. During his time as Minister of Finance he was a strong promoter of Uganda's banking industry and was instrumental in the planning and initiation of Uganda's Micro Finance project which helps small farmers and businesses obtain low interest loans. While a cabinet minister, he served as an Ex-officio Member of Parliament, on account of his cabinet appointment.
(NBCU), and is a Director of the bank. NBCU is one of the twenty-three (23) licensed commercial bank
s in Uganda.
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
n economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and banker. He is a Visiting Fellow at the Brookings Institute, in Washington, DC, at the Africa Growth Initiative division of the Institute. He was appointed to that position in April 2010. He is also a Senior Adviser to the President of Uganda
President of Uganda
-List of Presidents of Uganda:-Affiliations:-See also:*Uganda*Vice President of Uganda*Prime Minister of Uganda*Politics of Uganda*History of Uganda*Political parties of Uganda...
on Finance and Economic Planning, a position he has held since 16 February 2009.
Education
Ezra Suruma holds the degree of Bachelor of ScienceBachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
(BSc
BSC
BSC is a three-letter abbreviation that may refer to:Science and technology* Bachelor of Science , an undergraduate degree* Base Station Controller, part of a mobile phone network; see: Base Station subsystem...
) in Finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
, from Fordham University
Fordham University
Fordham University is a private, nonprofit, coeducational research university in the United States, with three campuses in and around New York City. It was founded by the Roman Catholic Diocese of New York in 1841 as St...
, in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, obtained in 1969. His degree of Master of Arts
Master of Arts (postgraduate)
A Master of Arts from the Latin Magister Artium, is a type of Master's degree awarded by universities in many countries. The M.A. is usually contrasted with the M.S. or M.Sc. degrees...
(MA
Master of Arts (postgraduate)
A Master of Arts from the Latin Magister Artium, is a type of Master's degree awarded by universities in many countries. The M.A. is usually contrasted with the M.S. or M.Sc. degrees...
) in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
was obtained in 1972, also from Fordham University. His Doctor of Philosophy
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
(PhD
PHD
PHD may refer to:*Ph.D., a doctorate of philosophy*Ph.D. , a 1980s British group*PHD finger, a protein sequence*PHD Mountain Software, an outdoor clothing and equipment company*PhD Docbook renderer, an XML renderer...
) in Economics was obtained in 1976, from the University of Connecticut
University of Connecticut
The admission rate to the University of Connecticut is about 50% and has been steadily decreasing, with about 28,000 prospective students applying for admission to the freshman class in recent years. Approximately 40,000 prospective students tour the main campus in Storrs annually...
. He also has a Masters Degree in Computer Science
Computer science
Computer science or computing science is the study of the theoretical foundations of information and computation and of practical techniques for their implementation and application in computer systems...
and one in International Banking.
Work History
Prior to his government and private sector work, Dr. Suruma worked as a Professor of Economics & ManagementProfessor
A professor is a scholarly teacher; the precise meaning of the term varies by country. Literally, professor derives from Latin as a "person who professes" being usually an expert in arts or sciences; a teacher of high rank...
at Makerere University
Makerere University
Makerere University , Uganda's largest and second-oldest higher institution of learning, , was first established as a technical school in 1922. In 1963 it became the University of East Africa, offering courses leading to general degrees from the University of London...
and at Florida A&M University
Florida A&M University
Florida Agricultural and Mechanical University, commonly known as Florida A&M or FAMU, is a historically black university located in Tallahassee, Florida, United States, the state capital, and is one of eleven member institutions of the State University System of Florida...
. In 1987, he joined the Bank of Uganda
Bank of Uganda
The Bank of Uganda is the Central Bank of the Republic of Uganda. Established in 1966, by Act of Parliament, BOU is 100% owned by the Government of Uganda, but is not a government department.-Organization and Governance:...
, the country's Central Bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
, as the Director of Research, serving in that capacity until 1990. From 1990 until 1993, he served as the Deputy Governor
Governor
A governor is a governing official, usually the executive of a non-sovereign level of government, ranking under the head of state...
of the Bank of Uganda. In 1993 he left the Bank of Uganda and joined Uganda Commercial Bank (UCB) as the Chairman and Managing Director, serving in that capacity until 1996. UCB, the largest commercial bank in Uganda, formerly owned by the government, was acquired by the Standard Bank of South Africa
Standard Bank of South Africa
The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
in 2002, and merged with Stanbic Bank (Uganda) Limited
Stanbic Bank (Uganda) Limited
Stanbic Bank Limited is a commercial bank in Uganda. It is one of the commercial banks licensed by Bank of Uganda, the national banking regulator.-Overview:...
.
In 2005, he was appointed Minister of Finance, Planning and Economic Development
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
. He served in that capacity until 16 February 2009, when he was appointed Senior Presidential Adviser on Finance & Economic Planning. The international banking magazine, "The Banker," chose Dr. Suruma to receive the "Best Finance Minister of Africa Award," for 2008. During his time as Minister of Finance he was a strong promoter of Uganda's banking industry and was instrumental in the planning and initiation of Uganda's Micro Finance project which helps small farmers and businesses obtain low interest loans. While a cabinet minister, he served as an Ex-officio Member of Parliament, on account of his cabinet appointment.
Personal details
Dr. Suruma is married and has three children. He is also raising the orphaned children of his two younger brothers. He is one of the shareholders of National Bank of Commerce (Uganda)National Bank of Commerce (Uganda)
National Bank of Commerce is a commercial bank in Uganda. The bank provides banking services to individuals and to small and medium business enterprises...
(NBCU), and is a Director of the bank. NBCU is one of the twenty-three (23) licensed commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
s in Uganda.