Vote of confidence in new BoB governor
Staff Writer | Wednesday October 19, 2016 18:00
Pelaelo begins his new job on Friday, taking over from Linah Mohohlo who was governor for 17 years.
Bankers Association of Botswana CEO, Oarabile Mabusa said he welcomed Pelaelo’s appointment saying they were not surprised with the appointment as he has a considerable experience in the banking sector.
“We are not surprised with the appointment; they have appointed a veteran who has worked closely with the banking sector in many forms not to forget that he was also a deputy governor,” he said.
According to Mabusa, he does not foresee any major challenges that Pelaelo might face.
On his part, Business Botswana CEO Racious Moatshe also expressed his confidence on Pelaelo noting that he has the experience from working in all the ranks within Bank of Botswana. He said he expects Pelaelo to continue ensuring that he implements policies that will monitor the inflation and interest rates to keep their target as well as manage foreign exchange rate fluctuations and strive for efficiency in the banking system.
“Pelaelo is someone who has been nurtured, guided and has been under the capable hands of Mohohlo hence the reason why I believe that he will continue to do well. People might expect him to discharge duties the same way Mohohlo did but I am comfortable that he will deliver as he has been in the system,” he said.
Economist and former Bank of Botswana deputy governor, Keith Jefferis said it would have been a surprise if anyone else was appointed to the position given that Pelaelo was the more experienced of Mohohlo’s two deputies.
Jefferis however thinks Pelaelo’s challenge is that he is taking over at a time when the economy is not doing so well while the banking sector is also undergoing a dip, which might be exacerbated by the recent closure of the BCL mine.
Pelaelo joined the Bank of Botswana in 1990 as senior bank examiner in the banking supervision department following a six-year career as assistant lecturer and lecturer in accounting and management study programmes at the Botswana Institute of Administration and Commerce and the University of Botswana.
He was promoted to the position of principal bank examiner in 1991, then to deputy director in 1994 and to director in 1996 in the then administrative services department, where he was responsible for human resources, property management and other administrative functions of the bank.
In 1996, Pelaelo was promoted to the position of director of banking supervision department. In 2003, he took a three-year sabbatical and joined the Bank for International Settlements (BIS) in Basel, Switzerland and continued to expand and deepen his knowledge of banking regulation, supervision and financial stability.
Pelaelo was appointed deputy governor in 2006 and has had overarching responsibility for banking regulation and supervision, payment infrastructure and oversight, banking and currency, accounting, security and other support services.
He graduated from the University of Swaziland with a Bachelor of Commerce degree in 1983 and obtained a Masters degree in Business Administration from the University of Miami (USA) in 1987. He also attended a short-term programme on Macroeconomic Policy and Management at the Harvard Institute for International Development (USA) in 1996.