Summary:
The appointments were confirmed by Faruk Kirunda, Special Presidential Assistant for Press and Mobilization and Deputy Spokesperson.
KAMPALA: President Yoweri Kaguta Museveni on Monday appointed Dr. Michael Atingi-Ego, the former Deputy Governor of the Bank of Uganda, as the new Governor. Alongside him, Prof. Augustus Nuwagaba, a renowned economist and consultant in economic transformation, has been named the Deputy Governor.
The appointments were confirmed by Faruk Kirunda, Special Presidential Assistant for Press and Mobilization and Deputy Spokesperson.
“I wish to confirm that H.E. President Kaguta Museveni, as the Appointing Authority, has named Dr. Michael Atingi-Ego, former Deputy Governor of the Bank of Uganda (B.O.U), as the new Governor, and Prof. Augustus Nuwagaba as the Deputy Governor. Congratulations to the appointees!” Kirunda stated.
The leadership change comes as Uganda navigates post-pandemic economic recovery, a volatile exchange rate, and global financial challenges. Stakeholders are keen to see how the new Governor will steer Uganda’s financial sector in the coming years.
Atingi-Ego, who had been serving as the Deputy Governor since 2020, steps into the top role following the passing of Emmanuel Tumusiime-Mutebile, Uganda’s long-serving central bank chief.
Mutebile, who led the institution for over two decades, passed away in January 2022, leaving behind a legacy of stabilizing Uganda’s monetary policies and spearheading financial reforms.
His successor, Atingi-Ego, is a seasoned economist with extensive experience in central banking and financial policy. Before his tenure as Deputy Governor, he worked at the International Monetary Fund (IMF) and previously held key positions at the Bank of Uganda. His appointment signals continuity in Uganda’s monetary policies at a time of economic uncertainty, inflation concerns, and external financial pressures.
About Dr Michael Atingi-Ego.
Hailing from Omodoi in Asuret, Soroti, Dr Ating-Ego previously served as the MEFMI Executive Director, a policy think-tank in Southern Africa. He is a seasoned economic policy official who has served in several capacities at various institutions.
He obtained his first degree from Makerere University and later proceeded for post graduate studies in the United Kingdom where he got a master’s degree from the Cardiff Business School, University of Wales and a PhD from Liverpool University.
He started his career at the Bank of Uganda rising through the ranks to become the Executive Director, Research. In 2008 he took up an assignment with the International Monetary Fund (IMF) as Deputy Director of the African Department (AFR).
As Deputy Director in the IMF- AFR, he made seminal contributions to IMF work on increasing effectiveness of capacity development and in modernising monetary policy frameworks in developing countries.
He also championed efforts to achieve improved macro-economic statistics in the SSA region and in advancing better and more consistent data management practices across the IMF. In addition, he provided strategic guidance to many IMF country teams in the region on program and surveillance work.
While at the Bank of Uganda, he published and consulted extensively on macroeconomic and financial, and statistical issues. He was a renowned lead resource person on MEFMI macro-economic management training and a widely deployed IMF short term expert on monetary operations and balance of payments in the region.
About Prof Augustus Nuwagaba.
Prof Augustus Nuwagaba has been instrumental in advising on Uganda’s economic growth strategies and poverty alleviation programs.
He is a wealth creation expert in Africa. He is qualified (MBA) in application of central bank monetary policy on commercial bank competitiveness. Prof. Nuwagaba has worked intensively in analysis of fiscal metrics for governments in Africa, review of financial performance and analysis of tax policies.
He works as the managing consultant at REEV Consult International Limited, a private consultancy firm, incorporated in Uganda, with headquarters at plot 515 Bombo road within the city of Kampala, Uganda’s capital and largest city.
He was Consultant for the African Peer Review Mechanism under NEPAD, was a member of the African Regional Panel of Experts on Development. Nuwagaba is a member of the World Bank Consultative Group that developed the African Plan of Action. He was the team leader of FINSCOPE – Financial Penetration Project (2013).
He was a team leader for Developing Financial Management and Training manual for Parliamentary Accountability Committees, member of audit committee of the Ministry of Finance Planning and Economic Development of the Republic of Uganda, winner of International Award for significant Contribution to World Society and Appears In World Who is Who (2004), page 336.
In addition, he was a consultant for mid-term review of the National Development Plan for the Republic of Uganda (2010–2014). He is a consultant for formulating the East African Community development investment plan (2016-2020).
Prof Nuwagaba is a regular speaker at the induction of members of parliament of Uganda.
Background and education
He was born in 1964 in Kabale Municipality in the Western Region of Uganda, the sixth-born in a family of seven siblings. His father died when Nuwagaba was four years old, so he was raised by his mother, who died, when Nuwagaba was in Senior 2, at age of 16.
He attended Kigezi High School from 1979 to 1985, serving as head prefect during his stay. In 1986, he entered Makerere University faculty of Social Sciences, graduating in 1989. Later he graduated from the London School of Economics with the degree of Master of Science.
He returned to Makerere University and pursued studies leading to the award of the degree of Doctor of Philosophy. His field of specialization for his doctorate degree was Economics, Inclusive growth and Poverty Eradication.
He also holds the degree of Master of Business Administration obtained from the Eastern and Southern African Management Institute majoring in monetary policy and commercial bank competitiveness.
Career
Prof Nuwagaba has been a member of the teaching staff at Makerere University, since he returned from his master’s degree studies in London in the early 2000s. He serves as the chairperson of the Makerere University Academic Staff Association.
He also serves as the Managing Consultant at Reev Consult International Limited, a private consultancy firm, incorporated in Uganda in 2000. The company offers consultancy services in the areas of impact assessments, planning, social policy analysis, management services and institutional development services.
The overall objective of the company is to achieve capacity development and poverty reduction in the geographical areas that they serve. Over the years, Reev Consult has provided consultancy services to International organizations including the World Bank, European Union, UNDP, USAID, DFID, UNFPA, DANIDA; SNV, IDRC, African governments, CSOs and the private sector.
He has been a key note speaker at both National and International level (Uganda celebrating 50 year, Dublin International conference, Orienting of 9th and 10th parliament of Uganda).
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