Uganda Appoints New Central Bank Governor, Ending Three-Year Leadership Gap

Uganda has appointed Michael Atingi-Ego as the new Governor of the Bank of Uganda (BoU), filling a three-year leadership void since the passing of Emmanuel Tumusime-Mutebile in January 2022.

Atingi-Ego, who previously served as the Deputy Governor, has been acting in the role since Mutebile’s death. Alongside his appointment, Augustus Nuwagaba has been named the new Deputy Governor.

Key Appointments at BoU

Presidential spokesperson Sandor Walusimbi confirmed the appointments on Monday, highlighting Atingi-Ego’s prior experience at the central bank before rejoining in 2020 as Deputy Governor.

Atingi-Ego, a Rotarian, steps into the role at a crucial time when Uganda’s financial sector is grappling with economic stability, inflation control, and banking regulation.

His deputy, Professor Augustus Nuwagaba, is a seasoned economist and international consultant with expertise in economic transformation, poverty eradication, and wealth creation. He has held key roles, including as an associate professor at Makerere University and managing consultant at REEV Consult International.

Nuwagaba has also advised global institutions such as the World Bank, UNDP, and several African governments. He holds a PhD from Makerere University and an MBA in Monetary Policy. As a former President of the Rotary Club of Muyenga, his experience in urbanization, skills development, and economic policy is expected to enhance Uganda’s monetary strategy.

Economic Implications of a Three-Year Vacancy

Economists have long cautioned that the prolonged absence of a substantive BoU governor led to policy uncertainty, weakened investor confidence, and hindered critical financial decisions.

Without a permanent governor, major economic reforms and crisis management efforts lacked firm direction, making it difficult to coordinate fiscal and monetary policy—a key factor in managing inflation, exchange rates, and economic growth.

Cyberattack on Bank of Uganda

The leadership changes come amid reports of a major cyberattack on the Bank of Uganda, which resulted in the loss of approximately USh 62 billion ($16.87 million).

Ugandan authorities recently arrested nine Ministry of Finance officials linked to the breach. The attack, first disclosed in November 2024 by State Minister for Finance Henry Musasizi, involved hackers operating under the alias “Waste”, who infiltrated the central bank’s systems and conducted fraudulent transactions.

The incident raised serious concerns about the security of Uganda’s banking infrastructure, underscoring the urgency for strengthened financial oversight and cybersecurity measures under the new BoU leadership.

With Atingi-Ego and Nuwagaba now at the helm, their expertise will be critical in restoring investor confidence, stabilizing Uganda’s monetary policy, and ensuring financial security in the face of growing economic challenges.