Atingi-Ego appointed Mutebile successor at BoU

President Yoweri Museveni has appointed Dr. Michael Atingi-Ego as the substantive Governor of the Bank of Uganda (BoU), replacing the late Tumusiime Mutebile. High profile Economist and university don Prof. Augustus Nuwagaba as the Deputy Governor. Atingi-Ego previously held a senior position at BoU before leaving and later returning in 2020 as Deputy Governor. Since the passing of long-serving Governor Emmanuel Tumusiime-Mutebile in 2022, he has been serving as the acting head of the central bank. His appointment marks a significant moment for Uganda’s financial sector, ensuring continuity in the leadership of the country’s monetary policy framework. Dr. Atingi-Ego’s career in economic policy and financial governance spans decades. He has served in various roles both locally and internationally, making substantial contributions to macroeconomic stability. His tenure as Deputy Governor has been marked by steady inflation control and overall macroeconomic stability, earning him recognition as a highly competent leader in Uganda’s financial sector. His ability to navigate economic challenges and implement effective monetary policies positioned him as a front-runner to replace the late Mutebile. Under his leadership, Uganda has managed to stabilize inflation and promote sustainable economic growth. As Governor of the Bank of Uganda, Atingi-Ego will oversee the implementation of monetary policies, regulate financial institutions, and ensure the stability of Uganda’s banking sector. The central bank plays a crucial role in managing inflation, stabilizing the currency, and fostering economic development. With Uganda’s economy recovering from global economic shocks and local challenges, Atingi-Ego’s leadership is expected to reinforce investor confidence, promote financial inclusion, and support economic growth. His expertise in monetary policy and financial governance will be essential in maintaining stability and guiding Uganda’s banking system through emerging global financial trends. Atingi-Ego’s deputy, Prof. Nuwagaba, has been an economics don at Makerere University, and brings extensive knowledge in economic development and policy formulation, at national, regional and international levels. Their appointments signal a commitment to strengthening the country’s financial institutions and ensuring sound economic management. Uganda’s banking sector will benefit from their combined experience and leadership in fostering financial resilience and growth. Dr. Atingi-Ego’s appointment as Governor of the Bank of Uganda marks a new chapter for Uganda’s economic management. His experience and track record in financial policy will be instrumental in maintaining economic stability and ensuring continued growth. The government, private sector, and financial institutions are expected to work closely with the new leadership to drive Uganda’s economic development forward. Among Bank of Uganda’s roles is to keep prices stable, which means controlling inflation and ensuring that the value of the Ugandan shilling remains stable. The Bank of Uganda is responsible for regulating and supervising financial institutions in Uganda, ensuring that they operate safely and soundly. – The Bank of Uganda also manages the payments system in Uganda, ensuring that transactions are processed efficiently and securely.