Michael Atingi-Ego, who has acted as the Deputy Governor of the Bank of Uganda (BoU) for the past three years, has now been appointed the Governor, formally assuming full leadership of the central bank. This appointment marks the end of a prolonged leadership gap following the death of Emmanuel Tumusime Mutebile in January 2022.
Atingi-Ego, who has been serving in an acting capacity, steps into the position at a critical time for Uganda’s economic stability and financial sector regulation.
Alongside Atingi-Ego’s appointment, Augustus Nuwagaba, a renowned economist and international consultant, has been named the new Deputy Governor of BoU. Nuwagaba will bring his extensive expertise in economic transformation, poverty eradication, and wealth creation to the central bank.
Atingi-Ego’s leadership is especially significant, as the Bank of Uganda has navigated a period of uncertainty in the absence of a permanent Governor. Economists had raised concerns that the lack of leadership at BoU had created instability in monetary policy, weakened investor confidence, and delayed important economic refor
Michael Atingi-Ego’s appointment comes after three years of uncertainty following the death of his predecessor, Emmanuel Tumusime Mutebile. Economists had long warned that the absence of a substantive leader had weakened the central bank’s ability to respond effectively to economic challenges, including inflation control and financial sector stability.
Atingi-Ego’s experience at the BoU is expected to bring much-needed continuity to Uganda’s economic management, offering reassurance to both investors and the public
Augustus Nuwagaba, the new Deputy Governor, is a distinguished economist and consultant with a wealth of experience in international development. Nuwagaba holds a PhD from Makerere University and an MBA in Monetary Policy. He has worked with global institutions such as the World Bank and UNDP, advising governments and organizations on economic development and policy.
In addition to his academic achievements, Nuwagaba has also held leadership positions, including serving as the former President of the Rotary Club of Muyenga. His appointment brings an added layer of expertise to the Bank of Uganda as it navigates complex economic challenges
Both Atingi-Ego and Nuwagaba’s appointments are viewed as pivotal moments for the Bank of Uganda. Analysts emphasize the importance of strong leadership in restoring confidence and improving coordination between fiscal and monetary policies, especially during a time of global economic uncertainty.
With these new appointments, Uganda now has a clear direction at the top of its central bank, setting the stage for improved economic governance in the years to come.
