(Kampala) – Uganda’s Finance Minister Matia Kasaija has reassured the public that the Bank of Uganda remains stable despite the absence of a permanent governor since the passing of Prof. Emmanuel Tumusiime-Mutebile nearly two years ago. The minister’s remarks follow questions over when a new central bank governor will be appointed.
In a phone interview with media on Wednesday, November 13, Kasaija stated he sees “no need for concern” with the current situation at the central bank, noting that Deputy Governor Dr. Michael Atingi-Ego, who has been serving as acting governor since Prof. Tumusiime-Mutebile’s death, is effectively managing the bank’s operations.
Kasaija clarified that only President Yoweri Museveni has the authority to appoint a governor, as outlined in the Ugandan Constitution. He noted that there is no set timeframe in which the President must make this appointment. “The question of the BOU governor can only be answered by His Excellency the President, as he holds the power to appoint,” he said, suggesting that the decision will be made at the President’s discretion.
Prof. Tumusiime-Mutebile, who passed away at age 72 on January 23, 2022, served as governor and chairman of the board of directors at the Bank of Uganda since 2001. His death came just as the country was reopening its economy after a lengthy COVID-19 lockdown. Since then, Dr. Atingi-Ego has overseen central bank activities, in accordance with the Bank of Uganda Act, which designates the deputy governor to step in during the governor’s absence.
Minister Kasaija indicated that Atingi-Ego has provided steady leadership during this period, managing monetary policy and other core responsibilities. “I haven’t seen any big problem with the acting governor,” Kasaija said, expressing confidence in the bank’s continued ability to fulfill its mandate under Atingi-Ego’s stewardship.
