President Yoweri Museveni has appointed Dr. Michael Atingi-Ego as the new Governor of the Bank of Uganda, with Professor Augustus Nuwagaba as his Deputy. This appointment marks the end of a prolonged vacancy at the helm of the country’s central bank, following the death of the long-serving Governor, Emmanuel Tumusiime-Mutebile, in January 2022.
Dr. Michael Atingi-Ego comes to the position with extensive experience, having previously served as the Deputy Governor of the Bank of Uganda since 2020. Before this, he was the executive director at the Macroeconomics and Financial Management Institute of Eastern and Southern Africa (MEFMI) in Harare, Zimbabwe. His tenure at the International Monetary Fund (IMF) as Deputy Director in the African Department from 2008 has equipped him with a global perspective on economic management, particularly in modernizing monetary policy frameworks in developing countries.
Atingi-Ego has been the acting Governor since Mutebile’s passing, providing continuity and stability during a time of economic uncertainty. His official appointment was announced on February 10, 2025, and is expected to signal a period of robust economic governance focused on inflation control, economic stimulus, and enhancing the bank’s operational efficiency.
Joining Atingi-Ego is Professor Augustus Nuwagaba, a renowned economist with deep roots in Uganda’s academic and consultancy sectors. Nuwagaba has been an influential figure in economic policy, having worked with various international bodies like the United Nations Development Programme, the World Bank, and the African Union. His academic journey includes a PhD from Makerere University, where he also lectured, specializing in inclusive growth and poverty eradication.
Nuwagaba’s appointment as Deputy Governor is seen as a strategic move to leverage his vast experience in economic transformation, policy analysis, and financial management both within Uganda and across the African continent. His work on Uganda’s National Development Plans and his consultancy with regional bodies like the East African Community are expected to bring a practical, research-driven approach to the Central Bank’s strategies.
The names of both appointees have been forwarded to the Ugandan Parliament for approval, adhering to constitutional requirements. As they await parliamentary endorsement, there’s a sense of optimism among Ugandans and the business community about the direction Uganda’s monetary policy will take under this new leadership.
The duo’s immediate challenges include managing inflation, ensuring financial stability, and navigating post-pandemic economic recovery amidst global economic shifts. Their roles will be crucial in fostering investor confidence, promoting financial inclusion, and possibly spearheading reforms in the financial sector.
With these appointments, Uganda looks forward to a new chapter in its economic narrative. The combination of Atingi-Ego’s international experience and Nuwagaba’s local economic insights is anticipated to bring a balanced approach to Uganda’s monetary policy, aiming for sustainable economic growth and stability.
As the nation watches closely, the appointments are not just about filling positions but about setting the tone for Uganda’s economic future. The public, stakeholders, and the international community will be keen to see how this new leadership duo navigates the complex landscape of global finance while keeping Ugandan interests at heart.
