Parliament Vets BoU Governor And Deputy Nuwagaba
The Parliament’s Appointment Committee has today vetted the newly appointed Governor of the Bank of Uganda, Michael Atingi-Ego, alongside his Deputy, Prof. Augustus Nuwagaba. During the vetting session chaired by the Speaker, Rt. Hon. Annet Anita Among, the two leaders expressed their commitment to ensuring economic stability, effective financial sector regulation, and inflation control during their tenures.
Focus on Economic Stability and Cybersecurity
The appointment of the Central Bank’s top leadership comes at a crucial time when the institution is grappling with challenges, including last year’s heist where over UGX 50 billion was lost to wrong beneficiaries. In his brief remarks to the media after the vetting, Governor Michael Atingi-Ego emphasized his dedication to addressing cybercrime concerns to restore the safety and trust in Uganda's banking system.
"We must enhance cybersecurity to safeguard our financial institutions," stated Atingi-Ego, signaling a strategic approach to maintaining financial stability and public confidence.
Strategies for Economic Growth
Amid the ongoing global inflation crisis, the new Bank of Uganda leaders reassured the country of their readiness to maintain inflation stability. They identified low financial depth at GDP and economic sluggishness as key issues requiring urgent intervention. The duo presented strategic measures, including:
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"Our priority is to strengthen financial regulations to encourage growth," noted Prof. Augustus Nuwagaba, highlighting his commitment to transforming Uganda's economy.
Leadership Background
Michael Atingi-Ego transitions into the Governor role after serving as Deputy Governor since March 2020, following the passing of former Governor Emmanuel Tumusiime Mutebile. With his extensive experience in financial regulation, Atingi-Ego is poised to bring stability to the Central Bank.
His deputy, Prof. Augustus Nuwagaba, is a distinguished economist and consultant on economic transformation. His expertise in economic policy is expected to enhance the leadership team’s strategic direction.
Looking Ahead
With the new leadership sworn in, the Bank of Uganda is set to embark on a journey to restore trust, enhance cybersecurity, and stimulate economic growth. Their strategic focus on economic stability, financial regulation, and inflation control sets a positive outlook for Uganda's financial future.