Michael Atingi-Ego has been appointed by President Museveni as the new Governor of the Bank of Uganda, with Augustus Nuwagaba named as his Deputy Governor. Their appointments, which are subject to parliamentary approval, bring an end to a nearly three-year leadership vacuum at the central bank following the passing of former Governor Emmanuel Tumusiime-Mutebile in January 2022.
Michael Atingi-Ego’s Background
Atingi-Ego is a seasoned economist with an impressive academic and professional background. He holds a PhD in Economics from Liverpool University, an MSc in International Economics and Banking from Cardiff Business School, University of Wales, and a Bachelor of Science in Economics from Makerere University.
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Professionally, Atingi-Ego has been serving as the Deputy Governor of the Bank of Uganda since 2020. His career spans various high-profile roles, including Executive Director of Research at the Bank of Uganda and Senior Economist at the International Monetary Fund (IMF). He also served as Executive Director of the Macroeconomics and Financial Management Institute of Eastern and Southern Africa (MEFMI) in Harare, Zimbabwe.
Augustus Nuwagaba’s Background
Augustus Nuwagaba, the newly appointed Deputy Governor, is an economist with extensive experience in economic transformation, poverty eradication, and wealth creation. He holds a PhD in Economics from Makerere University, an MBA in Monetary Policy, and a Master of Science from the London School of Economics.
Nuwagaba has worked as an advisor for international organizations such as the World Bank and the United Nations Development Programme (UNDP). He has also served as an associate professor at Makerere University and runs REEV Consult International, a consultancy firm specializing in economic analysis and policy.
These appointments come at a critical time for Uganda’s economy, which is grappling with post-pandemic recovery, inflationary pressures, and global economic uncertainties. These appointments are expected to bring much-needed stability and strategic direction to Uganda’s monetary policy.
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The absence of a substantive governor since January 2022 led to concerns over the central bank’s leadership and decision-making capabilities. Emmanuel Tumusiime-Mutebile, who had served as Governor since 2001, played an important role in shaping Uganda’s monetary policy. His sudden passing on January 23, 2022, left a significant leadership gap that has only now been addressed.
The delay in appointing a new Bank of Uganda Governor was due to the complex selection process and political considerations. The process required thorough vetting, consultations, and approvals to ensure the right expertise and stakeholder acceptance. Additionally, political balancing, including regional and ethnic factors, contributed to the prolonged vacancy.