By Our Reporter 

Kampala – The Government of Uganda has appointed Michael Atingi-Ego as the new overnor of the Bank of Uganda (BoU), marking a pivotal moment for the country’s financial sector.

Atingi-Ego, who previously served as Deputy Governor, succeeds the late Emmanuel Tumusiime-Mutebile, who held the position from 2001 until his passing in January 2022.  

A Seasoned Economist with a Wealth of Experience

Michael Atingi-Ego brings decades of expertise in central banking, monetary policy formulation, and financial sector stability. His distinguished career spans national and international financial institutions, making him a strategic choice for this crucial role.  

Atingi-Ego earned his Bachelor’s degree in Economics from Makerere University, followed by a Master’s degree from Cardiff Business School and a PhD in Economics from the University of Liverpool. His professional journey began at the Bank of Uganda in 1984, where he rose through the ranks to become the Executive Director of Research.  

In 2008, he transitioned to the International Monetary Fund (IMF) as the Deputy Director of the African Department, a role that saw him contribute to macroeconomic policies across multiple African nations. Before his appointment as Deputy Governor of the Bank of Uganda in 2020, Atingi-Ego served as Executive Director at the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI).  

Key Achievements as Deputy Governor

During his tenure as Deputy Governor, Atingi-Ego played a crucial role in stabilizing Uganda’s economy and implementing key monetary policies. His leadership contributed to:  

1. Inflation Control and Monetary Policy Stability

Atingi-Ego was instrumental in managing inflation, ensuring it remained below the central bank’s 5% medium-term target. In September 2024, Uganda’s inflation rate fell to 3.0% year-on-year, a testament to his strategic policy interventions.  

Under his guidance, the central bank adjusted its monetary policy rate, cutting it to 9.75% in October 2024 to promote economic growth while maintaining price stability.  

2. Strengthening Financial Markets and Inclusion  

A key advocate for financial inclusion, Atingi-Ego spearheaded initiatives that improved Uganda’s financial sector performance. His policies contributed to Uganda ranking fourth in the 2024 Absa Africa Financial Markets Index, surpassing regional giants like Kenya and Tanzania.  

3. Economic Growth and Resilience

As Deputy Governor, Atingi-Ego projected an economic growth rate of 6-6.5% for the 2024/25 fiscal year, with expectations to reach 7% in subsequent years.

His strategic insights into foreign direct investment (FDI) growth and government-backed economic programs positioned Uganda for sustainable development.  

4. Strengthening Uganda’s Foreign Exchange and Reserves

Atingi-Ego played a crucial role in stabilizing Uganda’s foreign exchange reserves, ensuring adequate coverage of imports and safeguarding against external shocks.

His policies strengthened the central bank’s intervention mechanisms in the forex market, reducing volatility and ensuring currency stability.  

The Road Ahead: What to Expect from Governor Atingi-Ego 

With Uganda’s economy at a pivotal juncture, Governor Michael Atingi-Ego’s leadership will focus on:

- Enhancing financial sector stability through robust monetary policy frameworks. 

- Sustaining economic growth by supporting private sector investment and innovation.  

- Modernizing Uganda’s banking infrastructure, particularly in the digital finance space.  

- Strengthening Uganda’s resilience to global economic shocks by diversifying foreign exchange reserves and implementing forward-looking monetary policies.  

His extensive expertise, both domestically and internationally, positions him as a transformative leader who can steer Uganda’s economy toward greater stability and growth.  

The appointment of Michael Atingi-Ego as Governor of the Bank of Uganda marks a new chapter in the country’s economic governance. With a proven track record of sound monetary policy management, financial sector reform, and economic resilience, his leadership is expected to fortify Uganda’s financial landscape in the years ahead.  

As he assumes office, all eyes will be on how he navigates economic challenges while ensuring Uganda remains a financially stable and investment-friendly economy.