In what is likely his first in-depth public interview since his appointment as Governor of the Bank of Uganda (BoU) on February 10, 2025, Dr. Michael Atingi-Ego—calm, collected, and quietly effective—has laid out his vision for the institution he now leads. Speaking to Pumla Nabachwa on the #BOUConnects Podcast, Dr. Atingi-Ego offered a rare and revealing glimpse into the mind of a man who has guided Uganda’s central bank through a period marked by global shocks, domestic turbulence, and the pressing need for economic stability.
His reflections, rooted in faith, humility, and a commitment to service, paint a portrait of a leader who sees macroeconomic stability as more than a policy goal—it’s a responsibility to the people of Uganda. “It is to foster price stability and a sound financial system in support of socio-economic transformation,” he explained.
A Governor Grounded in Faith and Humility
Dr. Michael Atingi-Ego, a highly educated and seasoned economist, was this week appointed as the Governor of the Bank of Uganda, elevating him from his role as Deputy Governor since April 2020. As Governor and Chairman of the Board, he is now tasked with providing strategic direction and ensuring the Bank’s daily operations run smoothly.
Dr. Atingi-Ego’s experience spans institutions like the IMF, where he served as Deputy Director for Africa, and MEFMI in Zimbabwe, where he spearheaded reforms in training, evaluation, and productivity. His career began at the Bank of Uganda in 1984, eventually becoming Executive Director of Research.
He holds a PhD in Economics from the University of Liverpool, an MSc from Cardiff Business School, and a BSc from Makerere University.While one might expect him to begin his day immersed in economic reports, Dr. Atingi-Ego’s daily ritual reflects a different side of the man: “I do a lot of praying. Before I come to the office in the morning, I go on my knees asking for a spirit of discernment, wisdom, knowledge, and proper judgment, because there are so many things that come that require decision-making. Sometimes you need to be able to make quick decisions, and sometimes the decisions need to be the correct ones—otherwise, they can backfire.”
This reliance on faith is matched by a relentless work ethic. He is known for clearing emails at 4 a.m. and chairing meetings at 8 a.m. sharp. As Pumla Nabachwa remarked, “We know because we’ve been on the other side of emails coming in at 4 a.m.—and the same person sending the email at 4 a.m. is with you in a meeting at 8 a.m.”
Beyond his technocratic acumen, Dr. Atingi-Ego is an approachable and humble leader. He regularly takes lunch in the staff cafeteria, engaging in candid conversations with colleagues at all levels. “No one person has a monopoly of ideas,” he emphasizes—a philosophy that encourages even junior officers to contribute to the Bank’s mission.
He has also spearheaded a subtle but impactful culture shift at the Bank, insisting that everyone, regardless of rank, is addressed by first name, not by title. This practice has helped foster a sense of openness, collaboration, and shared purpose across the institution. “It creates an environment where ideas flow freely,” he reflects.
This blend of faith, humility, and inclusivity defines Dr. Atingi-Ego’s leadership—a style that is reshaping the culture of the Bank of Uganda, and one that staff describe as both inspiring and transformative.
Macroeconomic Stability: A Foundation of Trust
For Dr. Atingi-Ego, price stability is not an abstract concept; it is a promise to Ugandans that their savings and livelihoods are protected. “Once you have prices that are increasing at a very fast pace, that’s if you have inflation, it touches everyone. But some, of course, are more hurt than the others. And who are most hurt? It is the poor, poor, who are hurt more. Why? They’re not well diversified… it’s either cash or some fiscal assets.”
This is why he believes that trust in the central bank is fundamental. “We want to ensure that prices are stable to crowd-in people to come and invest in your financial system,” he explained. “I shouldn’t worry about what the prices are going to be next year. So I can put my money into a one-year savings. I can buy a two-year bond, a three-year bond, a five-year bond, a 10-year bond, a 15-year bond, and a 20-year bond. Why am I able to buy a 20-year bond? Because I believe that the prices are going to be stable in 20 years.”
His leadership has been tested by global and regional crises—from the COVID-19 pandemic to the Russia-Ukraine war and the prolonged droughts that have affected Uganda’s economy. Yet, through it all, Dr. Atingi-Ego has held firm to a disciplined, data-driven, and transparent approach. “Extraordinary circumstances require extraordinary measures,” he affirmed.
Under his watch, Uganda’s inflation peaked at 10.6% in October 2022 and has since declined to low single digits—outperforming regional peers. “We were able to raise the policy rate by 350 basis points in a period of four months. We raised the cash reserve requirements by 200 basis points. A confluence of all those factors reduced liquidity from the system,” he explained.
But decisive action is only half the battle. For Dr. Atingi-Ego, communication is just as critical: “Decisive action is important, but so is effective communication. Because you are doing things that you’ve not done before, you need the market to know what you’re doing, so that they know they’re not put in some kind of suspense.”
He views communication itself as a monetary policy tool. “We upped our communication—both in print media, we also increased our town halls when we were handing over health centers. We were all the time explaining what was happening on the monetary policy front, because people need to understand what was happening.”
On exchange rate policy, Dr. Atingi-Ego is equally resolute. “It’s now coming to three years and we haven’t sold a single value to the market. We’ve been buying. I think this year alone, between July 1st and today, we bought close to USD 1.5 billion to help us rebuild reserves.” He cautions the market: “The Uganda currency is not a one-way bet.”
Building a Resilient, Digitally Empowered Central Bank
For Dr. Atingi-Ego, resilience means preparing the Bank of Uganda for the future—by embracing digitalisation, sustainability, and innovation. “Any central bank that’s going to operate in the 21st century, you should not just focus on price stability. You should be mindful, even as you are focusing on price stability, you should be mindful about inclusive prosperity. You should be mindful about ethical financing. And then you should be mindful about technological advancements.”
He sees the launch of the Domestic Gold Purchase Programme as a key step in this journey—an initiative that, in his words, “hits three birds with one stone—socio-economic transformation, value addition, and then diversification of our reserve assets.”
Dr. Atingi-Ego is also leading the integration of Environmental, Social, and Governance (ESG) principles into the Bank’s operations. “We are talking about ethical financing. How do we ensure sustainability? We don’t want to do things today in an ad hoc manner for only the short-run gain, but now we are being far-sighted, right? We are talking about sustainability because the financial sector can only become sustainable if it’s operating in a sustainable environment.”
From PostBank to Pearl Bank: Uganda’s Boldest Banking Transformation Shines OnHis commitment to inclusivity extends to the Bank’s own structure. The restructuring of the Bank of Uganda—a process many would have avoided—has been one of his proudest achievements. “Restructuring is never easy. It’s always controversial. You will have challenges here and there, but I think we stayed the course. Stay the course. Stay the course.”
He commends his team: “I must commend the staff for having fully participated in the population of these interviews… Staff really took it very seriously. I mean, you’d find a staff taking leave to go and read and prepare for the interviews.”
Financial Inclusion: A Cornerstone for Growth
For Dr. Atingi-Ego, financial inclusion is central to building Uganda’s economic resilience. “If we got more people in the financial system, it means that we are also increasing the amount of our savings, and therefore raising the amount of investment and supporting higher levels of growth in the economy,” he explained.
He is clear that financial inclusion must be deliberate. It is not just about access—it is about trust, transparency, and ensuring that financial systems work for everyone. “How do we bring those who are financially excluded right now into the formal financial system? It is by advancing socio-economic transformation, by bringing them out of subsistence into the monetary economy.”
This, he believes, is how Uganda can unlock its full potential.
Staying Sane in the Fast Lane
Leading a central bank, especially in times of uncertainty, is no easy task. For Dr. Michael Atingi-Ego, the pressures of managing Uganda’s financial system, navigating global shocks, and ensuring macroeconomic stability demand more than technical expertise—they call for a disciplined mind, a healthy body, and an anchored spirit.
His approach to staying sane in the high-pressure world of central banking is simple yet profound. “I do a lot of praying,” he shares, grounding his daily routine in faith. “Before I come to the office in the morning, I go on my knees asking for a spirit of discernment, wisdom, knowledge, and proper judgment.” This habit, he believes, provides the clarity and composure necessary to tackle complex decisions under pressure.
Yet faith alone is not enough. Dr. Atingi-Ego balances the demands of leadership with deliberate self-care. “I hit the treadmill,” he says, sharing that he dedicates 45 minutes to an hour each day to exercise. “By the time you sweat and have a cold shower, you can come for an FMOS meeting fresh, very fresh,” he laughs. He also carves out quiet time—three to four hours of “me time” on weekends—to recharge and reflect.
Even in the face of long hours and intense work schedules—emails at 4 a.m., meetings at 8 a.m.—he insists on finding moments for rest, family, and personal renewal. “You need to adapt. I mean, of course, I needed work to get cleared… but I also take time to rest. I like swimming, and I make sure I have some me time. That’s important.”
And when he’s not at the treadmill or the office, Dr. Atingi-Ego remains a passionate Liverpool FC supporter. “I love football. I support Liverpool FC,” he says. It’s a pastime that connects him to his roots, as he fondly recalls watching matches with friends in Uganda before his career took him abroad.
For Dr. Atingi-Ego, balance is not an indulgence—it’s a necessity.
Advice to Uganda’s Youth: The Power of Versatility
Dr. Atingi-Ego’s message to Uganda’s youth is both practical and inspiring. “The world that we live in is a very challenging world. Things have changed, and they’re not as straightforward as they used to be. In our days, you would leave the university, you’d be assured of a job. These days, you leave the university, it’s not the case.”
His advice is clear: “Versatility. How can you become versatile in this very uncertain, radically changing world?”
He urges young Ugandans to build a broad skillset: “I would encourage these young people to become versatile—do as many courses as possible to make you take up the job that will come on the market.” Whether it’s economics, law, IT, or cybersecurity, the message is the same: be ready for what the future demands. “Don’t think you have arrived, because there’s going to be stiff competition going forward, going forward.”
Final Word: Steadfast in Purpose, Anchored in Faith
Dr. Atingi-Ego’s vision is one of hope, resilience, and collective responsibility. His leadership is anchored in faith, yet firmly rooted in discipline, data, and dialogue. His message is simple: “Stay the course. Stay the course. Stay the course.”
For Uganda, this is not just a policy mantra—it is a call to action. Under Dr. Atingi-Ego’s watch, the Bank of Uganda is not merely navigating the storms of today but laying the foundation for a more stable, inclusive, and prosperous tomorrow.