Michael Atingi-Ego has been appointed as the new Governor of the Bank of Uganda, finally filling the leadership void left after the death of Emmanuel Tumusime Mutebile in January 2022. Atingi-Ego, who has served as Deputy Governor, now takes on full leadership of the central bank.
In addition, Augustus Nuwagaba has been named the new Deputy Governor. The announcements were confirmed by Deputy Presidential Press Secretary, Faruk Kirunda.
Professor Augustus Nuwagaba, an economist and international consultant, brings extensive experience in economic transformation, poverty eradication, and wealth creation. Nuwagaba has worked with organizations such as the World Bank, UNDP, and numerous African governments.
He is also an associate professor at Makerere University and the managing consultant at REEV Consult International. Holding a PhD from Makerere University and an MBA in Monetary Policy, Nuwagaba is also a Rotarian and former President of the Rotary Club of Muyenga. His academic and professional expertise will greatly enhance the role of Deputy Governor.
Atingi-Ego, who is also a Rotarian, assumes leadership at a crucial time for the Bank of Uganda. The institution faces the ongoing challenges of maintaining economic stability, controlling inflation, and regulating the financial sector.
The three-year delay in appointing a substantive governor after Mutebile’s death had raised concerns among economists.
The vacancy created uncertainty in monetary policy, weakened investor confidence, delayed vital policy decisions, and potentially threatened stability in the financial sector. Analysts also warned that the lack of leadership hindered coordination between fiscal and monetary policy, complicating the management of inflation, exchange rates, and overall economic growth in a turbulent global environment.
Atingi-Ego’s appointment is expected to provide much-needed continuity, given his deep knowledge and experience within the Bank of Uganda.
