As part of the ongoing post EPA, post Twin Towers and post Mwananchi Gold clean up at the Bank of Tanzania, we have overlooked one important and critical improvement: We need a complete separation of functions and powers between the Bank Executive (the team that does the day to day running of the Bank) and the Board of Directors (the team that oversees the operation of the Bank). Today, the Bank Governor and his three deputies play a dual role. They call the shots as members of the bank executive team, and they also call the shots as part of the Board of Directors team that performs an oversight role for the central Bank. The Bank Chief Executive Officer namely, the Governor that is appointed by the President, is responsible (among other things) for the day-to-day operations of the Bank and to ensure at all time s that the banks operations are in compliance with the general statutes and regulations governing the central banking system. The Board of Directors on the other hand is a completely different kettle of fish. Its role, among other things, is to oversee the management of the bank and set policies. Therefore, there is a need to appoint a Board Chairman that is completely independent from the Governor and the executive team. The Board of Directors should have the power to recommend to the President, for example, that the Banks CEO or Governor be fired or replaced for non-performance if such a recommendation is reached by consensus which explains why it is important for the board to maintain its independence from the executive. In the current arrangement, the Governor of the Bank also serves as the Chairman of the Board of Directors which inevitably puts him in the awkward position of having to oversee his own day-to-day performance; this is known in the ethics and legal world as a conflict of interest. By all accounts, this is a completely unworkable and unrealistic arrangement! The Board of Directors is not truly independent and it cannot be because, lets be honest, it will be extremely unlikely that the Governor in his capacity as Board Chairman will ever be willing to recommend to the President that he should be fired for non-performance if it actually came to that! In other words, the current BOT management structure is at best ineffective and at worst, potentially detrimental to the successful operation of the central bank. This may actually be one of the root cause of some the problems that we are witnessing today at the bank notwithstanding the Guardian newspaper article (Jan 19th) extolling the virtues of the boards decision to purchase a luxury Tshs 1.4 Billion house for the Governor. In summary, while we have made tremendous strides since the turbulent pre-EPA era, the current management structure at the Bank of Tanzania is still broken and badly in need of reform. It should be vastly revamped or even rescinded in order to properly manage and control the hemorrhaging that is taking place at this important and essential national institution. To use a hackneyed expression: the bank management structure is the elephant in the room. The sooner this is fixed, the better we will all be, Zitto na Wabunge wenzeko, munatakiwa kuliangalia suala hili kwa undani zaidi na kutowa mapendekezo ya kuboresha benki yetu!