Uganda finally has a new central bank governor. Michael Atingi-Ego, who has been serving as Deputy Governor, is now officially in charge of the Bank of Uganda. His appointment ends a three-year leadership gap following the passing of Emmanuel Tumusime Mutebile in January 2022.
Alongside him, economist Augustus Nuwagaba has been named the new Deputy Governor. The news was confirmed by Deputy Presidential Press Secretary Faruk Kirunda, who shared on X (formerly Twitter):
“I wish to confirm that H.E the President @KagutaMuseveni, as the Appointing Authority, has named Mr. Michael Atingi-Ego, former Deputy Governor, Bank of Uganda (B.O.U) as the new Governor and Prof. Augustus Nuwagaba as the Deputy Governor. Congratulations to the appointees!”
Nuwagaba brings a wealth of experience to the role. He’s an economist and international consultant specializing in economic transformation, poverty eradication, and wealth creation. Over the years, he’s worked with institutions like the World Bank, UNDP, and several African governments. He’s also an associate professor at Makerere University and the managing consultant at REEV Consult International.
Beyond his academic and professional achievements, Nuwagaba has contributed to research on urbanization and skills development. He holds a PhD from Makerere University and an MBA in Monetary Policy. He’s also a Rotarian and a former President of the Rotary Club of Muyenga.
Atingi-Ego takes over at a crucial time. The Bank of Uganda plays a key role in maintaining economic stability, managing inflation, and regulating the financial sector. His appointment is expected to restore confidence in monetary policy, which had been in limbo due to the prolonged absence of a substantive governor.
For years, economists warned that not having a confirmed leader at the Bank of Uganda created uncertainty. It weakened investor confidence, delayed critical policy decisions, and made it harder to respond to economic challenges. Analysts also pointed out that a lack of permanent leadership made it difficult to coordinate fiscal and monetary policy, affecting inflation control, exchange rates, and overall economic growth.
Now, with Atingi-Ego at the helm, the expectation is that Uganda’s central bank will regain its full capacity to steer the country’s economy in the right direction.
