BOU governor named among best performers globally

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Bank of Uganda (BOU) governor Dr Michael Atingi-Ego has been ranked among the 26 best-performing central bank governors worldwide.

Global Finance magazine released the names of the governors who earned top grades of “A+”, “A” or “A-” in its Central Banker Report Cards 2025. The names were published on the magazine’s website on August 27, 2025, with the full list set to appear in its October print and digital editions, as well as online at GFMag.com.

The annual report, published since 1994, evaluates the central bank governors of nearly 100 key countries, territories, and districts, in addition to regional bodies such as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States, and the Central Bank of West African States.

According to Global Finance, the grading is based on a scale from “A+” to “F”, assessing performance in inflation control, economic growth goals, currency stability, interest rate management, and political independence. An “A” reflects excellent performance, while “F” represents outright failure.

Global Finance founder and editorial director Joseph Giarraputo said the grading recognises those central bank leaders who delivered results with independence, discipline, and strategic foresight despite varying mandates.

Atingi-Ego was appointed by President Yoweri Museveni in February 2025, alongside Professor Augustus Nuwagaba as his deputy. The central bank had operated without a substantive governor since the death of Professor Emmanuel Tumusiime-Mutebile on January 23, 2022.

Under the amended BOU Act, the deputy governor assumes charge in the governor’s absence, and Atingi-Ego had served in that role since April 23, 2020.

Mutebile, who had been governor and board chairman since 2001, died just a day before Museveni fully reopened the economy after nearly two years of COVID-19 restrictions.

A defining year 

Atingi-Ego described 2024 as a defining year for Uganda’s monetary policy, marked by cautious optimism and strategic actions that stabilised core inflation.

The year began with the Central Bank Rate (CBR) at 9.5%, which was raised to 10.25% by April before being eased to 9.75% in November. He said this reflected a balanced approach to maintaining monetary stability amid both domestic and external pressures.

The CBR, the rate at which BOU lends to commercial banks, directly influences the interest charged to the public.

Concerns over exchange rate volatility, driven by offshore investors shifting towards higher-yield assets in other regional economies, triggered an extraordinary Monetary Policy Committee meeting in March 2024.

At that meeting, the CBR was raised back to 10%, a move that Atingi-Ego said stabilised the exchange rate and curbed inflationary pressures.

By October 2024, with inflation under control and exchange rate pressures easing, the CBR was lowered to 9.75%.

As of November, annual headline inflation had dropped to 2.9%, the lowest in ten months, supported by strong food production, with core inflation standing at 3.8%.

He emphasised that Uganda has maintained one of Africa’s lowest and most stable inflation rates, averaging 4.0% over the past decade, well below the 5% target. Uganda’s inflation levels were the second lowest on the continent after Mauritius and the lowest in the East African region.

He added that fiscal policy, when coordinated with monetary measures, had been critical in achieving these results, strengthening the central bank’s response to global economic challenges.