Uganda Names New Central Bank Governor

President Museveni appoints Dr. Atingi-Ego as BoU Governor, ending a 2-year vacuum. New leadership to guide Uganda’s monetary policy amid oil boom, inflation.

Kampala, Uganda – February 10, 2025
President Yoweri Museveni has appointed Dr. Michael Atingi-Ego as the new Governor of the Bank of Uganda (BoU), ending a two-year leadership vacuum since the passing of long-serving Governor Emmanuel Tumusiime-Mutebile in January 2022. Also appointed is Prof. Augustus Nuwagaba as Deputy Governor, signaling a new era for Uganda’s monetary policy leadership.

“The new leadership at the Bank of Uganda must ensure financial stability, strengthen monetary policy implementation, and support Uganda’s broader economic agenda,” said President Museveni in a statement from State House Entebbe.

🔍 Background: Uganda’s Central Bank in Transition

Since Tumusiime-Mutebile’s death, Dr. Atingi-Ego had served in an acting capacity. His permanent appointment comes as Uganda faces mounting fiscal and monetary pressures:

• Inflation peaked at 8.6% in Q4 2023, now easing to 6.2%
• The Ugandan shilling depreciated 8.5% against the US dollar in 2023
• Uganda’s public debt reached $24.3 billion, or 49% of GDP, by end-2024

Dr. Fred Muhumuza, an economist at Makerere University, noted the importance of “regional banking knowledge and investor confidence” in guiding the BoU forward.

👥 Meet the New BoU Leadership

Their expertise is seen as pivotal to managing oil revenues from Uganda’s Albertine Graben, which began commercial production in early 2025.

🛢️ Uganda’s Monetary Priorities: Oil, Debt & Fintech

Key tasks ahead for the new BoU team include:

• Managing oil inflows to avoid Dutch disease
• Supporting fiscal policy coordination
• Stabilizing inflation through appropriate interest rate measures

In addition, Uganda’s fintech revolution demands tighter oversight:

• Mobile money transactions exceeded UGX 180 trillion ($48B) in 2024
• New fintech regulations are expected to roll out in 2025

📈 What’s Next for Uganda’s Economy?

With Uganda targeting middle-income status by 2030, BoU’s focus will be:

• Regional monetary integration via the East African Community (EAC)
• Stabilizing the shilling through monetary diplomacy
• Bolstering reserves amid global volatility

BoU also remains key in managing Uganda’s growing trade and investment partnerships with China and the UAE.

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• 🔗 Digital Finance in East Africa Surges to $100B in 2024

📣 Conclusion

The dual appointment of Dr. Atingi-Ego and Prof. Nuwagaba represents a critical inflection point in Uganda’s economic governance. As the country navigates inflation, oil wealth, and regional integration, their stewardship of the Bank of Uganda will shape the nation’s financial future.