After almost three years since the passing of Central Bank Governor Prof. Emmanuel Mutebile, the President of Uganda has appointed the esteemed economist Dr. Michael Atingi-Ego as his successor.
Alongside him, the well-known economist and international consultant, Prof. Augustus Nuwagaba, has also been named as the deputy governor.
The state minister responsible for General Duties in the Ministry of Finance, Henry Musasizi, confirmed these appointments.
Since Mutebile’s death in 2022, the Bank of Uganda has been operating without a permanent governor.
Who is Ating-Ego?
Dr. Atingi-Ego is a Ugandan economist who was serving as the Deputy Governor of the Bank of Uganda.
Previously, he served as the Executive Director of the Macroeconomics and Financial Management, Institute of Eastern and Southern Africa (MEFMI), based in Harare, Zimbabwe. Atingi-Ego holds a PhD in Economics from Liverpool University (1996), a MSc. Economics in International Economics and Banking from Cardiff Business School, University of Wales (1991), and a BSc. Economics from Makerere University.
He started out at the Bank of Uganda. He rose through the ranks to become the executive director, of Research. In 2008 he took up an assignment with the International Monetary Fund (IMF) as deputy director of the African Department (AFR), based in Washington, DC.
While at the IMF, he contributed to IMF work on increasing effectiveness of capacity development and in modernising monetary policy frameworks in developing countries.
After vetting by the Ugandan parliament, he replaced Louis Kasekende, whose 10-year term at the Central Bank ended in January 2020.
Atingi-Ego assumed office as Deputy Governor of Bank of Uganda, on August, 3, 2020.
He is credited with bringing a wealth of regional and international experience to his new office as Deputy Governor of the Bank of Uganda.
In May 2022, Atingi-Ego was recognized by African Banker Magazine as the “Central Bank Governor Of The Year”, in recognition of his efforts to tame inflation and maintain foreign exchange stability in Uganda.
Prof Nuwagaba
Nuwagaba is qualified (MBA) in application of central bank monetary policy on commercial bank competitiveness. He 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.
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 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).
Education
Born in 1964 in Kabale Municipality in the Western Region of Uganda, he is the sixth-born in a family of seven siblings.
His father died when Nuwagaba was just four years old, and solely raised by his mother, who died, when he was 16 years old.
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.
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.
Augustus Nuwagaba has been married to Lillian Nuwagaba since 1997. Together they are the parents of four children. He is of the Christian faith. He is a Rotarian with Rotary Club of Muyenga district 9211 (Major Donor). He is the 34th President of the club serving in the Rotary year 2021-2022.
