By The newly appointed Governor of the Bank of Uganda (BoU), Dr. Michael Atingi-Ego, and his Deputy, Prof. Augustus Nuwagaba, have outlined their key priorities as they prepare to assume their roles. Their appointments were confirmed by President Museveni on Monday, and they shared their strategic plans with the media following a meeting with the Parliament Appointments Committee.
Dr. Atingi-Ego highlighted cybersecurity as a major concern for the financial sector. “One of the critical challenges we face is ensuring that our financial systems are secure from cyber threats,” he stated. He emphasized the need to collaborate with relevant stakeholders to strengthen cybersecurity guidelines and enhance risk management frameworks in response to the rapidly evolving threats and vulnerabilities in the sector.
Additionally, he underscored the importance of safeguarding Uganda’s economy from external shocks by closely monitoring global economic trends. “Given the uncertainties in the global economy, we must be proactive, anticipate potential risks, and implement appropriate policy responses to mitigate any negative impact,” he noted.
The Governor also set an ambitious target for economic growth, projecting an expansion of 6–7% in the medium term. He anticipates inflation to range between 4–5% in 2025, aligning with the government’s inflation target of 5%. “Over the past years, inflation has remained between 3 and 3.8%, while growth has been below 6%. Our goal is to gradually align inflation with the growth trajectory needed for sustainable economic development,” he explained.
Dr. Atingi-Ego, who previously served as Deputy Governor and later as Acting Governor, was appointed to replace the late Emmanuel Tumusiime-Mutebile, who passed away on January 23, 2022. His appointment comes after more than three years of the Central Bank operating without a substantive Governor.
Meanwhile, Prof. Nuwagaba emphasized the urgent need to address Uganda’s growing debt burden. “We advised Parliament on the importance of reducing government borrowing, as excessive borrowing competes with the private sector for financial resources, thereby limiting private sector growth,” he said.
He further reassured MPs about the stability and resilience of Uganda’s financial sector, explaining key economic fundamentals that drive macroeconomic performance. He also pointed out the country’s low savings rate, stressing the importance of boosting economic activity to ensure faster circulation of money. “For an economy to thrive, financial resources must move efficiently. We must collaborate with stakeholders to implement sound monetary policies that promote economic growth,” he added.
Both Dr. Atingi-Ego and Prof. Nuwagaba reiterated their commitment to fostering financial stability, economic growth, and policy reforms to strengthen Uganda’s banking and financial sector.
