Dr. Michael Atingi-Ego now serves as governor of Bank of Uganda (BoU) alongside Prof. Augustus Nuwagaba who took the deputy governor position at BoU. Upon Museveni’s approval, these leaders presented their financial system strengthening and economic growth assurance strategy for Uganda.
The new leadership team in Uganda’s financial sector considers cybersecurity defence as their top priority. Dr. Dr. Atingi-Ego stressed that financial institutions must protect themselves from escalating cyber-attacks.
The cybersecurity issue is what keeps the team awake throughout the night according to Dr Atingi-Ego. The financial sector must achieve full cybersecurity by teaming up with all essential stakeholders to implement sector-wide security guidelines.
The BoU will improve its risk management systems to account for modern digital risks which continue to change in the current digital environment. Dr Atingi-Ego stressed the need to lead potential threats by developing systems with robust security measures to protect central bank operations.
The new leadership dedicates itself to defending Uganda’s economy against external economic disruptions. Dr Atingi-Ego emphasized the need for close observation of worldwide economic changes because “There are many uncertainties unfolding that will impact the domestic economy” according to his statements. Innovation combined with anticipation enables us to develop appropriate policies which minimize possible negative effects that could impact our system.
The planned approach works to keep macroeconomic stability functioning toward sustaining growth rates at six through seven percent. The leadership believes inflation will stay between four and five per cent throughout 2025 which matches their established medium-term development targets.
Prof. Nuwagaba emphasized the importance of working with different partners for the successful delivery of monetary policies. The BoU requires assistance from all stakeholders to successfully execute monetary policies alongside other policies he stated.
The new leadership has set a goal to address the shortage of savings rates throughout Uganda. Prof. The economy requires faster money circulation according to Nuwagaba as he stressed the need for economic activity stimulation. The circulation of money requires swift movement between individuals according to him. It facilitates economic activity.”
Dr. Atingi-Ego and Prof. Nuwagaba will start their responsibilities by developing approaches that handle immediate problems alongside long-term change objectives.
The financial sector of Uganda now moving toward growth and resilience because their policy actions focus on cybersecurity alongside economic stability through effective implementation and economic activity promotion methods.
These initiatives will succeed through partnership work between financial ecosystem stakeholders while the leadership requires a strong ability to foresee and react to changing economic environments. Future times will prove decisive for the new Bank of Uganda leadership as they preserve BoU’s mission while benefiting Uganda’s economic development.
