Michael Atingi-Ego has been appointed as the new Governor of the Bank of Uganda, officially filling the position that had remained vacant for three years following the death of Emmanuel Tumusime Mutebile in January 2022.
Previously serving as Deputy Governor, Atingi-Ego now takes full charge of the central bank.
In the same announcement, Augustus Nuwagaba has been appointed as Deputy Governor. The appointments were confirmed by Deputy Presidential Press Secretary Faruk Kirunda.
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Nuwagaba, an economist and international consultant, specializes in economic transformation, poverty reduction, and wealth creation. He has worked as an associate professor at Makerere University and is the managing consultant at REEV Consult International. Over the years, he has provided advisory services to global institutions like the World Bank, UNDP, and various African governments. He holds a PhD from Makerere University and an MBA in Monetary Policy.
A seasoned professional, Nuwagaba has also contributed significantly to research on urbanization and skills development. His appointment is expected to strengthen the central bank’s economic expertise.
Atingi-Ego, also a Rotarian, steps into leadership at a crucial time when the Bank of Uganda is tasked with ensuring economic stability, managing inflation, and overseeing financial sector regulation.
For three years, economists had raised concerns about the absence of a substantive governor, warning that the leadership gap created uncertainty in monetary policy, weakened investor confidence, and delayed key financial decisions. Analysts noted that without a governor, coordination between fiscal and monetary policies suffered, making it harder to control inflation, stabilize exchange rates, and guide economic growth amid global challenges.
With Atingi-Ego’s appointment, continuity is expected, given his extensive experience within the institution.
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