President Museveni Appoints Dr. Michael Atingi-Ego as Bank of Uganda Governor, Prof. Augustus Nuwagaba as Deputy Governor
As Dr. Atingi-Ego officially assumes office as Governor, and Prof. Nuwagaba steps in as his deputy, Uganda’s financial sector looks forward to a period of strengthened monetary policy, robust financial regulations, and enhanced economic resilience.
Kampala, Uganda – On Monday, February 10, 2025, President Yoweri Museveni appointed Dr. Michael Atingi-Ego as the new Governor of the Bank of Uganda, a role he had been serving in an acting capacity since 2022. Additionally, President Museveni named Professor Augustus Nuwagaba, a distinguished economist from Makerere University, as the Deputy Governor.
Dr. Michael Atingi-Ego: A Seasoned Economist Takes the Helm
Dr. Atingi-Ego is a highly experienced economist with vast expertise in financial policy and central banking. He previously worked at the Bank of Uganda in a senior capacity before leaving for international assignments. In 2020, he returned as Deputy Governor and assumed the role of Acting Governor following the passing of long-serving Governor Emmanuel Tumusiime-Mutebile in January 2022.
Before rejoining the Bank of Uganda, Dr. Atingi-Ego served as Deputy Director of the African Department at the International Monetary Fund (IMF), where he played a pivotal role in guiding monetary and fiscal policy strategies for African nations. His leadership in economic research and financial regulation has been instrumental in shaping Uganda’s monetary policies over the years.
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His appointment as the full-time Governor is expected to strengthen Uganda’s central banking framework, particularly in maintaining economic stability, inflation control, and financial sector development.
Professor Augustus Nuwagaba: A Renowned Economist Joins the Leadership Team
Professor Augustus Nuwagaba, the newly appointed Deputy Governor, is a respected academic and financial expert with extensive experience in economic policy, poverty eradication, and sustainable development. A professor at Makerere University, Uganda’s largest public university, Nuwagaba has provided consultancy services to international organizations such as the World Bank, UNDP, and the African Union.
With a PhD from Makerere University and an MBA in Monetary Policy, Prof. Nuwagaba has contributed significantly to financial sector reforms in Uganda and beyond. He has also authored research papers on urbanization, economic transformation, and wealth creation. His expertise is expected to bolster the Bank of Uganda’s efforts in maintaining monetary stability, fostering financial inclusion, and ensuring sound economic policies.
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Significance of the Appointments
The appointments of Dr. Atingi-Ego and Prof. Nuwagaba come at a crucial time when Uganda is navigating economic recovery amid global financial challenges. Their combined experience in central banking, monetary policy, and economic development is expected to reinforce the Bank of Uganda’s role in steering the nation toward sustained growth.
Stakeholders, including economists, policymakers, and financial analysts, have expressed optimism about the appointments, citing the duo’s strong backgrounds in macroeconomic stability, banking supervision, and economic transformation.
As Dr. Atingi-Ego officially assumes office as Governor, and Prof. Nuwagaba steps in as his deputy, Uganda’s financial sector looks forward to a period of strengthened monetary policy, robust financial regulations, and enhanced economic resilience.
