In a significant development for Uganda’s financial sector, President Yoweri Kaguta Museveni has appointed Michael Atingi-Ego as the new Governor of the Bank of Uganda, with Professor Augustus Nuwagaba named as the new Deputy Governor. This announcement, made early Monday morning, marks the end of an extended period of vacancy at the helm of Uganda’s central bank following the death of the long-serving Governor Emmanuel Tumusiime-Mutebile in January 2022.
Michael Atingi-Ego, previously the Deputy Governor of the Bank of Uganda, steps into this critical role with a rich background in economics and finance. His tenure at the bank prior to this appointment included roles that significantly shaped the institution’s policies and strategies. Atingi-Ego is well-regarded for his contributions to capacity development and modernizing monetary policy frameworks during his time with the International Monetary Fund (IMF). His appointment has been celebrated by both local and international financial communities, who see in him a leader capable of steering Uganda through the complex economic landscape of the 21st century.
Professor Augustus Nuwagaba, appointed as the Deputy Governor, brings a wealth of academic and practical experience to the table. His expertise is expected to complement Atingi-Ego’s leadership, ensuring a robust governance structure at the Bank of Uganda.
The announcement has sparked conversations across social media platforms and in financial circles, with many expressing optimism about the new leadership. Posts on X (formerly Twitter) from various news outlets and individuals have quickly spread the news, highlighting the appointments as a new chapter for Uganda’s economic policy.
Analysts have noted that under Atingi-Ego’s leadership, the Bank of Uganda is poised to continue its mandate of maintaining price stability and a sound financial system, while also addressing the growing demands for financial inclusion and sustainable economic growth. His experience, especially in regional macroeconomic issues, is seen as a vital asset in navigating the challenges of integrating Uganda’s economy with regional and global markets.
The formal transition is expected to occur swiftly, with Atingi-Ego and Nuwagaba taking their oaths in the coming days. The appointment has been welcomed by economic stakeholders who have been advocating for a permanent governor to fill the leadership vacuum, which had persisted for over three years. This period saw the bank managed by acting leadership, with Michael Atingi-Ego himself serving in that capacity.
President Museveni’s decision to appoint these two figures has been interpreted as a move towards stability and continuity in Uganda’s monetary policy, especially at a time when the country is looking to leverage its economic potential amidst global economic fluctuations.
As Uganda moves forward, all eyes will be on how this new leadership duo will influence the economic trajectory of one of East Africa’s key economies.