Museveni Appoints Michael Atingi-Ego, a Substantive Governor B.O.U.

Kampala: President Yoweri Kaguta Museveni has appointed Michael Atingi-Ego as the new Governor of the Bank of Uganda.

Ating’s appointment ends a three-year period without a substantive head since the death of Emmanuel Tumusime Mutebile in January 2022.

At the time of his appointment, he served as the Deputy Governor Bank of Uganda and previously executive director of the Macroeconomics and Financial Management Institute of Eastern and Southern Africa (MEFMI), based in Harare, Zimbabwe.

He will be deputised by Augustus Nuwagaba who has been named the new Deputy Governor as per the presidential announcement.

Professor Nuwagaba is an economist and international consultant specializing 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.

He holds a PhD from Makerere University and an MBA in Monetary Policy.

A Rotarian and former President of the Rotary Club of Muyenga, he has authored works on urbanization and skills development.

His appointment as Deputy Governor of the Bank of Uganda brings extensive economic expertise to the role.

Atingi-Ego, also a Rotarian, steps into the role at a critical time, as the Bank of Uganda navigates economic stability, inflation control, and financial sector regulation.

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 argued 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.

Without a governor, major economic reforms and crisis responses lacked firm direction.

Analysts also pointed out that the absence of permanent leadership undermined coordination between fiscal and monetary policy, making it harder to manage inflation, exchange rates, and overall economic growth in a challenging global environment.