Dr. Michael Atingi-Ego has been appointed the new Governor of the Bank of Uganda (BoU), with Professor Augustus Nuwagaba serving as his Deputy. This appointment follows the passing of the late Governor, Emmanuel Tumusiime-Mutebile, in January 2022. Dr. Atingi-Ego has been serving in the same position in an acting capacity since Mutebile's death.
This appointment ends speculation from critics, legislators, and some opposition leaders regarding the protracted delays in appointing a BoU governor. In June of last year, while appearing before Members of Parliament on the Committee on Commissions, Statutory Authorities, and State Enterprises (COSASE), Atingi-Ego reassured MPs and the public that the absence of a substantive Governor had not impacted the Bank’s performance, citing the effective governance structures in place.
“We have a Board, senior management, and very capable staff. The Bank is delivering, and governance structures are performing well,” Atingi-Ego stated at the time.
MPs had criticized the Bank’s Board of Directors for not prioritizing the appointment of a new Governor, suggesting that some officials might be comfortable with the existing arrangement. Despite these reassurances, MPs continued to call for clarity on the leadership of Uganda’s central bank, with some questioning how the vacancy had affected the Bank’s operations over the past three years.
Atingi-Ego served as Deputy Governor under Mutebile prior to his passing. In March 2020, Atingi was appointed Deputy Governor, a position he held until his recent appointment as Governor.
During his tenure as Deputy Governor, Dr. Atingi-Ego was recognized for his efforts in taming inflation and maintaining foreign exchange stability in Uganda, earning the “Central Bank Governor of the Year” award in May 2022.
Dr. Atingi-Ego’s extensive experience in economic policy and financial management positions him well to lead the Bank of Uganda effectively, continuing the institution’s role in shaping Uganda’s economic landscape.
Dr. Atingi-Ego was born in Uganda and pursued his education both locally and internationally. He earned a Bachelor of Science in Economics from Makerere University, Uganda’s oldest and largest public university. He furthered his studies in the United Kingdom, obtaining a Master of Science in Economics from Cardiff Business School, University of Wales, and a Doctor of Philosophy in Economics from the University of Liverpool.
Dr. Atingi-Ego began his career at the Bank of Uganda in August 1984, advancing to the position of Executive Director of Research. In 2008, he joined the International Monetary Fund (IMF) as Deputy Director of the African Department, where he contributed to enhancing the effectiveness of capacity development and modernizing monetary policy frameworks in developing countries. He also played a pivotal role in improving macroeconomic statistics across sub-Saharan Africa.