Michael Atingi-Ego, who has been the acting governor of the Bank of Uganda for the past two years, is gaining positive reviews in monetary policy circles. Analysts are closely observing his performance amid speculation about his potential appointment as the substantive governor by President Yoweri Museveni.
Atingi-Ego, an accomplished PhD economist with a background in international finance, has demonstrated a strong grasp of monetary policy issues during his tenure. His experience, including roles at the International Monetary Fund (IMF) and as the head of the Macroeconomics and Financial Management Institute in Zimbabwe, reflects his understanding of global events impacting Uganda’s monetary sector.
Having taken charge during a challenging period marked by the aftermath of the COVID-19 pandemic, monetary expansion, fiscal challenges, and corruption scandals, Atingi-Ego is navigating the complexities with confidence. While observers commend his performance, the question of his formal appointment as governor remains unanswered.
Geoffrey Onegi Obel, a respected economist and investment banker, notes that Atingi-Ego is holding the fort effectively, but it is too early to provide a comprehensive evaluation of his record. Atingi-Ego’s previous role in the Research Department of the Bank of Uganda positions him well, with his primary task being financial sector deepening.
Atingi-Ego’s commitment to monetary policy stability aligns with the dual mandate of central banks, balancing policy rates and job creation. His focus on directing expenditure to productive areas and fostering financial stability has received positive feedback from experts.
Stephen Kaboyo, MD of Alpha Capital Partners, commends Atingi-Ego’s technical competence, cognitive ability, and stakeholder management. Assessing the Central Bank’s performance, Kaboyo highlights achievements such as lower inflation and stable financial systems during Atingi-Ego’s acting tenure.
The current environment contrasts with the turmoil under former Governor Mutebile, marked by leadership disputes and legal battles. Atingi-Ego’s steady leadership is seen as a positive shift, emphasizing the importance of a substantive appointment for the central bank’s stability.
