Micheal Atingi-Ego has been appointed the new Chief of The Bank of Uganda, Uganda’s apex bank. Sandor Walusimbi, President Yoweri Museveni’s spokesperson, announced this appointment on Monday 10th, February, 2025.
Prof Augustus Nuwagaba was also announced as the Deputy Governor of the bank.
Following the death of former governor Emmanuel Tumusiine-Mutebile in 2022, the seat of the Governor of The Bank of Uganda has been vacant for 3 years. The late governor served in that capacity from 2001-2022, becoming the longest serving governor of the bank.
Why the governor’s seat was vacant for 3 years
Upon the death of Tumusiine-Mutebile, Atingi-Ego, who was the Deputy Governor of the bank held the fort as the acting governor.
However, there was growing agitation on how the apex bank should be run. Ugandan politicians posited that the powers of the governor should be stiffened. Economists, on the other hand, called for a separation of the powers of the Governor and the Board of Directors.
The bank also faced issues with regards restructuring when Deputy Governor Atingi-Ego set out to carry out a review organizational structure of the bank, the implementation of which could lead to cutting down on the number of staff due to their redundant roles.
This planned restructuring divided the bank’s leadership as some senior directors felt that the Deputy Governor was acting well beyond his powers.
Uganda’s apex bank during the 3-year leadership gap
With Atingi-Ego seeing to the bank’s affairs, the bank was able to carry out its macroeconomic functions properly. Its inflation rate slowed to 3.30 in January 2025. The bank announced that it would retain its MPR of 9.75% for the second time in a row in its February MPC meeting.
However, analysts feared that the current leadership status could affect the bank’s performance of its roles if a definitive leadership was not in place.
The recent arrest of nine officials from the Ministry of Finance, linked to a heist where 62 billion shillings ($16.87 million) were allegedly stolen, underscores the need to appoint a new chief for the bank.
Portfolio of the new bank chiefs
Atingi-Ego, a renowned Ugandan economist, has served in various ranks at the Bank of Uganda, rising to become the Deputy Governor of the bank in 2020.
During the course of his career, he also served in the International Monetary Fund (IMF) as the Deputy Director of the African Department in 2008.
In 2018, he was appointed as the Executive Director of the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI).
Augustus Nuwagaba, the new Deputy Governor is an Economics professor at the Makerere University, Kampala. He brings his wealth of experience in taxation, fiscal policy and commercial bank operations.