Michael Atingi-Ego has been appointed as the new Governor of the Bank of Uganda, concluding a three-year period without a permanent head since the death of Emmanuel Tumusime-Mutebile in January 2022.
Before his appointment, Atingi-Ego served as the Deputy Governor.
Augustus Nuwagaba has been named 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 has been the acting head of the bank since the death of long-serving former Governor Emmanuel Tumusiime-Mutebile in 2022.
The Rotarians
Atingi-Ego, a Rotarian, assumes the role at a critical time as the Bank of Uganda navigates economic stability, inflation control, and financial sector regulation.
- 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.
- Nuwagaba has advised institutions such as the World Bank, UNDP, and various African governments. He holds a PhD from Makerere University and an MBA in Monetary Policy.
Also 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 brings extensive economic expertise to the role.
What you should know
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.
- It was reported last week that Ugandan authorities arrested nine officials from the Ministry of Finance following a major cyberattack on the Bank of Uganda, which led to the loss of approximately USh 62 billion ($16.87 million).
The breach was first reported in November 2024 when State Minister for Finance, Henry Musasizi, revealed that hackers had infiltrated the central bank’s systems.
The cybercriminals, allegedly operating under the alias “Waste,” executed fraudulent transactions, raising alarms about the security of Uganda’s banking infrastructure.
