Michael Atingi-Ego is now the Governor of the Bank of Uganda, moving up from his previous role as Deputy Governor. President Museveni also appointed economist Augustus Nuwagaba as the new Deputy Governor.
The news was confirmed by deputy presidential press secretary Faruk Kirunda, who posted on X (formerly Twitter), saying, “I wish to confirm that H.E the President @KagutaMuseveni, as the Appointing Authority, has named Mr. Michael Atingi-Ego, former Deputy Governor, Bank Of Uganda (B.O.U) as the new Governor and Prof. Augustus Nuwagaba as the Deputy Governor. Congratulations to the appointees! FK.”
Nuwagaba brings a wealth of economic expertise to the role. He is an international consultant specializing in economic transformation, poverty reduction, and wealth creation. He has worked as an associate professor at Makerere University and is the managing consultant at REEV Consult International.
Over the years, he has advised institutions like the World Bank, UNDP, and multiple African governments. He holds a PhD from Makerere University and an MBA in Monetary Policy. A longtime Rotarian and former President of the Rotary Club of Muyenga, he has also written extensively about urbanization and skills development.
Atingi-Ego, also a Rotarian, takes over at a crucial moment. The Bank of Uganda faces challenges in maintaining economic stability, controlling inflation, and regulating the financial sector.
For three years, Uganda had no permanent governor following the death of Emmanuel Tumusiime-Mutebile in January 2022. Economists warned that this prolonged vacancy caused uncertainty in monetary policy, weakened investor confidence, and delayed important decisions. Without a governor, major economic reforms and crisis responses lacked clear direction.
Experts also argued that the lack of leadership disrupted coordination between fiscal and monetary policy, making it harder to manage inflation, exchange rates, and overall economic growth, especially in a tough global economy.
With Atingi-Ego now officially in charge, his experience at the Bank of Uganda is expected to provide stability and much-needed continuity.
