Michael Atingi-Ego Appointed Governor of the Bank of Uganda; Augustus Nuwagaba Named Deputy Governor

Kampala, Uganda — In a significant leadership transition at the Bank of Uganda (BoU), Michael Atingi-Ego has been appointed as the new Governor, with Professor Augustus Nuwagaba selected as Deputy Governor. Their appointments come after a three-year vacancy following the passing of former Governor Emmanuel Tumusiime-Mutebile in January 2022. Atingi-Ego and Nuwagaba are expected to appear before Parliament for vetting in the coming days, according to sources familiar with their selection.

Atingi-Ego, who has served as the Central Bank’s Deputy Governor since 2020, brings extensive experience in monetary policy and financial regulation. Before his tenure at the Bank of Uganda, he worked at the International Monetary Fund (IMF) and was the Executive Director of the Macroeconomics and Financial Management Institute of Eastern and Southern Africa (MEFMI) in Harare, Zimbabwe. He holds a PhD in Economics from Liverpool University, a Master’s degree in International Economics and Banking from Cardiff Business School, University of Wales, and a Bachelor’s degree in Economics from Makerere University. Atingi-Ego’s academic and professional background equips him to lead Uganda’s financial sector during a time of economic recovery and inflationary pressures.

During the December Monetary Policy briefing last year, Atingi-Ego reassured the public about the central bank’s systems and recovery efforts following fraudulent transactions within the global correspondent banking network. “Let me assure Ugandans: our internal systems remain secure and uncompromised. This was not a hacking of our systems, but a breach of trust within the global correspondent banking network,” Atingi-Ego stated emphatically.

Professor Augustus Nuwagaba, an accomplished economist and consultant specializing in economic transformation, steps into the role of Deputy Governor. Nuwagaba has held senior advisory positions in both governmental and international financial institutions, focusing on poverty alleviation, tax policy formulation, and fiscal management. He has served as a managing consultant at REEV Consult International Limited and has contributed to shaping Uganda’s financial policies through advisory roles with the Ministry of Finance. With academic credentials from Makerere University and the London School of Economics, Nuwagaba’s expertise in economic reform and financial stability is expected to complement Atingi-Ego’s leadership.

The appointment of these seasoned economists comes at a time when Uganda faces challenges such as post-pandemic economic recovery, fluctuating exchange rates, and global financial uncertainty. The Bank of Uganda plays a pivotal role in maintaining economic stability through effective monetary policies and regulatory frameworks. Atingi-Ego and Nuwagaba are expected to collaborate in implementing policies that promote economic growth and financial inclusion while ensuring inflation control and currency stability.

Atingi-Ego has already demonstrated resilience in addressing financial challenges. Last year, the Bank of Uganda, in collaboration with CitiBank and other local and international partners, successfully recovered $8.205 million from fraudulent transactions that had been redirected to London-based MJS International. However, recovery efforts in Japan face significant resistance, as the recipient bank, MUFG, has proven uncooperative. Efforts to recover the remaining funds are ongoing, highlighting the critical role of financial oversight under the new leadership.

Both Atingi-Ego and Nuwagaba will undergo parliamentary vetting before formally assuming their new roles. Their appointments signal a commitment to continuity and strategic leadership in Uganda’s central banking system, ensuring that the nation effectively navigates its economic challenges while fostering long-term financial sustainability. Atingi-Ego has also emphasized that Uganda’s debt remains sustainable and that inflation is under control, thanks to proactive monetary policies.

The country now looks forward to how the new leadership at the Bank of Uganda will shape its monetary policies and economic strategies in the years to come.