Kampala, Uganda – In a major leadership shift, Michael Atingi-Ego has been appointed as the new Governor of the Bank of Uganda (BoU), marking a significant transition in the country’s financial sector.
President Yoweri Museveni made the appointment following the long-awaited replacement of the late Emmanuel Tumusiime-Mutebile, who served as Governor from 2001 until his passing in January 2022.
Atingi-Ego, who had been serving as Deputy Governor since 2020, will now lead the country’s central bank during a critical period of economic recovery, financial volatility, and inflationary pressures.
Renowned economist Prof. Augustus Nuwagaba has been appointed as the new Deputy Governor, bringing a wealth of experience in economic transformation and poverty alleviation strategies.
Michael Atingi-Ego is a seasoned economist with decades of experience in central banking, macroeconomic policy, and financial regulation.
Born in Uganda, he pursued his academic journey both locally and internationally, earning:
• Bachelor’s degree in Economics from Makerere University, Uganda’s oldest and largest public university.
• Master of Arts in Economics from Cardiff Business School, United Kingdom.
• Doctor of Philosophy (PhD) in Economics from the University of Liverpool, UK.
His career started at the Bank of Uganda, where he rose through the ranks to become Executive Director of Research.
His expertise in economic policy and financial stability later earned him a role at the International Monetary Fund (IMF) as Deputy Director of the African Department, based in Washington, D.C.
In 2018, he was appointed Executive Director of the Macroeconomics and Financial Management Institute of Eastern and Southern Africa (MEFMI), based in Harare, Zimbabwe.
In 2020, following the end of Louis Kasekende’s tenure, Atingi-Ego was appointed Deputy Governor of the Bank of Uganda.
He assumed office on August 3, 2020, and played a critical role in formulating and implementing monetary policies to stabilize Uganda’s economy during the COVID-19 pandemic and its aftermath.
Prof. Augustus Nuwagaba, the newly appointed Deputy Governor, is a highly respected economist and consultant specializing in economic transformation and poverty alleviation.
He has been instrumental in advising the Ugandan government on policies to drive sustainable economic growth.
As a professor at Makerere University, Nuwagaba has trained numerous professionals in economics and finance.
The appointment of Atingi-Ego and Nuwagaba comes at a crucial time when Uganda faces post-pandemic economic recovery, inflation concerns, fluctuating exchange rates, and global financial instability.
Stakeholders and market analysts anticipate that Atingi-Ego’s leadership will bring continuity and stability to the Bank of Uganda’s policies.
His extensive experience at the IMF and in monetary regulation is expected to guide the country’s fiscal and monetary strategies effectively.
Meanwhile, Nuwagaba’s background in economic transformation and development policies is seen as an asset to the central bank.
His expertise will complement Atingi-Ego’s leadership as Uganda navigates global economic challenges and seeks sustainable growth.
The Bank of Uganda plays a pivotal role in managing inflation, stabilizing the Ugandan shilling, and regulating the banking sector.
Under Atingi-Ego’s leadership, key focus areas will include:
• Strengthening Uganda’s financial system to withstand external economic shocks.
• Ensuring price stability and controlling inflation amid global financial pressures.
• Boosting investor confidence through sound monetary and fiscal policies.
• Enhancing financial inclusion to ensure that more Ugandans benefit from banking and financial services.
The new leadership is expected to work closely with government agencies, financial institutions, and international partners to implement policies that drive Uganda’s economic resilience and growth.
As Uganda’s economy continues to recover from the COVID-19 pandemic, global inflation trends, and geopolitical tensions affecting financial markets, all eyes are on Atingi-Ego and his team.
With Atingi-Ego’s proven expertise and Nuwagaba’s economic transformation strategies, Uganda may be on a path toward greater financial stability and economic growth.