In Prof Augustus Nuwagaba, the Kigezi subregion has retained a part of the Bank of Uganda governor job that the son of the soil had for a long time held -now deceased Emmanuel Tumusiime Mutebile. In the early days of Mutebile’s death, voices within Kigezi petitioned President Museveni to retain the governor’s job within the region before suggesting names, among which included Prof Nuwagaba.
At the burial of former Bank of Uganda governor Emmanuel Tumusiime Mutebile, mourners and the country as a whole were surprised to find a petition asking President Museveni to ring-fence the governor’s job for the Kigezi subregion.
It was a rare yet common petition, chorused by different leaders across the country every time a high-ranking government official died.
What had appeared to be a silent appeal was finally broadcast by Kabale District chairman Nelson Nshangabasheija, who reasoned that it was the only one the region had remained with.
In fact, within days after the burial, a crusade to appoint Kigezi seemed to have formed, even suggesting potential names for the position.
Among the suggestions were Richard Byarugaba, the then Bank of Uganda Acting Executive Director of Finance, who has since been appointed substantively to the same position; David Bahati, the Trade, Industry and Co-operatives state minister; and Prof Augustus Nuwagaba, a renowned development consultant on economic transformation, who is 61.
Thus, what could have been an innocent petition by Nshangabasheija, could have paid off with the appointment of Prof Nuwagaba, who was yesterday named Bank of Uganda Deputy Governor.
It is difficult to point to what the President considered in appointing Prof Nuwagaba.
But Mr Museveni has always kept his cards close to the chest. Most of his high-profile appointments have been made to balance the politics of the day—mostly informed by tribe or religious affiliations, political calculations, and perhaps economic needs—while at the same time remaining loyal to carders who share his aspirations.
Prof Nuwagaba is not alien to NRM politics. In fact, he shares some aspirations with Mr Museveni, such as poverty alleviation and development economics. These are pet subjects for the President, who has for decades attempted to transform Uganda from a peasant to a money economy.
Of course, for now, it is not a bit impossible to find a perfect line to support this appointment. Still, it could not have been a coincidence that the President’s choice fell on a person from a region that had petitioned him – moreover in absentia – at the burial of one of the most important persons in Kigezi and the country as whole.
Still, one might argue that Kigezi did not get what it had asked for. Still, the dynamics of managing a Central Bank could have dictated as such – that Prof Nuwagaba is appointed deputy governor – to be stewarded by one of Uganda’s best economists, Michael Atingi-Ego, 60, who was on Tuesday elevated from deputy to full governor.
By its nature, the Central Bank has many stakeholders including development partners such as the International Monetary Fund and the World Bank.
Thus, any appointment—though President Museveni has the final say—must consider their views, which are often related to policy, development needs, and legislative realignments.
The argument above – of what informed President Museveni’s choice – is not to discount Prof Nuwagaba’s capabilities.
But rather seeks to highlight the sensitive balance that has come to define key government appointments in the recent past.
Burnt by elective politics
Prof Nuwagaba is a highly qualified person who has tried his hand in elective politics but failed to appeal to voters in Kabale Municipality.
Anastacia Tshesane to become PwC SA CEOIn fact, he has previously joked that ” when I stood for MP in Kabale Municipality, I almost got zero. A whole professor like me!”
This has not been his only failure. In 2012, he tried throwing his hat in the vice chancellor race at Makerere University, but he was not considered among the best five out of the seven candidates who had applied.
In fact, he was one of the two candidates who were dropped at the stage where names were forwarded to the Senate for onward consideration.
Who is Prof Nuwagaba
He is an international consultant on economic transformation and wealth creation expert in both Uganda and Africa.
He is qualified (MBA) in the application of central bank monetary policy on commercial bank competitiveness. He has analysed fiscal metrics for governments in Africa, reviewed financial performance and analysed tax policies.
For more than 20 years, he has worked as the managing consultant at REEV Consult International, a private consultancy firm and has previously consulted for the African Peer Review Mechanism under NEPAD.
He was also a member of the African Regional Panel of Experts on Development. He was a member of the World Bank Consultative Group that developed the African Plan of Action.
Thus, whereas President Museveni could have been hard pressed to balance regional politics in honouring Mutebile, a man who diligently served the country, Prof Nuwagaba’s CV made his job very easy.
He is a high-profile development expert, who has also previously led the FINSCOPE – Financial Penetration Project (2013), Developing Financial Management and Training manual for Parliamentary Accountability Committees, and a member of the Ministry of Finance audit committee.
He has also been recognised with international awards for his contribution to world society and appears in the World Who is Who (2004).
In addition, he has consulted for the mid-term review of the National Development and the formulation of the East African Community development investment plan (2016-2020). He has also regularly spoken on the inductions of Members of Parliament.
Balancing Politics and Merit: The Strategic Appointment of Prof. Augustus Nuwagaba
The appointment of Prof. Augustus Nuwagaba as Deputy Governor of the Bank of Uganda appears to be a calculated move by President Museveni, balancing both political and economic considerations. While the Kigezi subregion had strongly petitioned to retain the Governor position following the passing of Emmanuel Tumusiime Mutebile, the appointment of Prof. Nuwagaba, though not as Governor, can still be seen as a partial fulfillment of their demands.
Despite Prof. Nuwagaba’s failure in elective politics, his extensive experience in economic transformation, fiscal policy, and financial consultancy made him a strong candidate for a leadership role in Uganda’s central bank. His expertise aligns with Museveni’s long-standing vision of economic development and poverty alleviation, which could have played a role in his selection.
However, political considerations cannot be overlooked. Museveni’s appointments often take into account regional and tribal dynamics, ensuring loyalty while maintaining balance within key institutions. The presence of development partners like the IMF and World Bank further complicates appointments at the Bank of Uganda, likely influencing Museveni’s final decision.
Ultimately, while Kigezi did not get the Governor position outright, Prof. Nuwagaba’s appointment as Deputy Governor keeps the region influential within Uganda’s financial sector. Whether this was a direct response to the petition or a strategic political decision remains open to interpretation. Nevertheless, his strong credentials make him a deserving appointee, reinforcing the delicate mix of merit and political strategy in Uganda’s high-profile government appointments.
