By Enyichukwu Enemanna
President Yoweri Museveni has appointed Michael Atingi-Ego as Uganda’s new Central Bank Governor, ending a three-year period without a substantive head since the death of Emmanuel Tumusime-Mutebile in January 2022.
Before his appointment, Atingi-Ego had been serving as the Deputy Governor.
Similarly, the Ugandan leader also named Augustus Nuwagaba as the new Deputy Governor.
Presidency spokesperson Sandor Walusimbi confirmed the appointment on Monday, noting that Atingi-Ego had previously held a senior position at the Central Bank before leaving and returning in 2020 as Deputy Governor.
He had been the acting head of the bank since the death of long-serving former Governor Emmanuel Tumusiime-Mutebile in 2022.
Atingi-Ego, a Rotarian, is taking over the office at a time when the Bank of Uganda navigates economic stability, inflation control, and financial sector regulation.
Similarly, his deputy, Professor Nuwagaba, is an economist and international consultant specialising in economic transformation, poverty eradication, and wealth creation.
He has served as an associate professor at Makerere University and is the managing consultant at REEV Consult International.
Nuwagaba has advised institutions, including the World Bank, UNDP, and various African governments. He holds a PhD from Makerere University and an MBA in Monetary Policy.
Economists had long warned that Uganda’s failure to appoint a substantive governor for three years after Mutebile’s death in January 2022 created uncertainty in monetary policy.
They argue that a vacant top leadership position at the Bank of Uganda weakened investor confidence, delayed critical policy decisions, and risked instability in the financial sector.
Analysts pointed out that the absence of permanent leadership undermined coordination between fiscal and monetary policy, making it difficult to manage inflation, exchange rates, and overall economic growth in a challenging global environment.
