Then Bank of Uganda deputy governor, Mr Michael Atingi-Ego appears before the Committee on Commissions, Statutory Authorities and State Enterprises at Parliament on December 17, 2024. Mr Atingi-Ego has been appointed the new Bank of Uganda governor. PHOTO/DAVID LUBOWA
Mr Michael Atingi-Ego and his team in the Bank of Uganda have been instrumental in managing Uganda’s economy by maintaining the stability in the economy.
Despite the above difficulties, Mr Atingi-Ego and his team at the Bank of Uganda have been able to manage the economy well keeping the inflation, stable exchange rate regime, stable interest rate.
Core inflation are expected to be 4.0 percent- 5.0 percent, in next four quarters and return to target in the medium term Economic growth is projected at about 6.0-6.5 percent in FY 2024/2025and above 7.0 percent.
Born 1965 in Soroti, Atingi-Ego pursued Bachelor of Economics from Makerere University, followed by a Master of Arts in Economics at the Cardiff Business School, in the United Kingdom and later a Doctor of Philosophy in Economics from the University of Liverpool, in the United Kingdom.
He started out at the Bank of Uganda in August 1984, rising through the ranks to become the executive director in charge of research at the Central Bank. At the time, the country was struggling through a civil war that had raged on for four years and the economy had been shattered. Severe macro-economic imbalances fueled inflation and contributed to acute foreign exchange scarcity.
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 before proceeding to Harare, Zimbabwe as the executive director of the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) in September 2018.
He replaced Louis Kasekende as Deputy Governor Bank of Uganda, on August 3, 2020, the post he held until yesterday.
Mr Atingi-Ego, on February 6, while presenting the monetary policy statement that Economic growth is projected at about 6.0-6.5 percent in FY 2024/2025 and above 7.0 percent in the outer years, forecasting an average annual core inflation of between 4.0 percent and 5.0 percent in 2025 and it expects it to stabilize around the target in the medium term.
One of the things that the newly appointed heads to manage the central are: ensuring that price stability in the economy continues.
When Mr Atingi-Ego assumed his duty as the Deputy Governor Bank of Uganda on August 3, 2022, the late Governor of Bank of Uganda Emanuel Tumusiime-Muteble, said: “He returns to the Bank with a wealth of regional and international experience; well-honed managerial and open communication skills; as well as the commitment to advancing the goals and governance of the Bank of Uganda through professional leadership on key policy and institutional issues.”
Mr Atingi-Ego and his team in the Bank of Uganda have been instrumental in managing Uganda’s economy by maintaining the stability in the economy. Despite the exogenous shocks that the Uganda economy has faced ranging from economic downturn caused the Covid-19 pandemic, the upsurge of global inflation following the Russian envision of Ukraine.
The economy has also expressed domestic shocks related to weather shocks.
