Michael Atingi-Ego has been appointed as the new Governor of the Bank of Uganda, ending a three-year period without a substantive head since the death of Emmanuel Tumusime Mutebile in January 2022.
Atingi-Ego, who has been serving as Deputy Governor, now assumes full leadership of the central bank.
In the same announcement, Augustus Nuwagaba has been named the new Deputy Governor.
The appointments has been confirmed by deputy presidential press secretary Faruk Kirunda.
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 like the World Bank, UNDP, and various African governments. 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.
Atingi-Ego's appointment is expected to bring continuity, given his experience within the institution.
