One year later, a dead governor’s signature remains alive on the currency structure of Uganda’s banknotes after President Museveni failed to name a new central bank governor amid the current economic uncertainty and rapid inflation.
Prof. Emmanuel Tumusiime-Mutebile who led the Central Bank for over 20 years died in a Nairobi hospital at the start of the year. This means, the Bank of Uganda has been operating without a permanent governor since January 2022.
Michael Atingi-Ego, the Bank of Uganda's deputy governor since 2020, has led the central bank since Prof. Mutebile's death.
The Bank of Uganda Act of 1966 stipulates that the Governor and Deputy Governor of the central bank shall be appointed by the President of Uganda with the consent of the Cabinet, and both shall be appointed for a period of five years and shall be eligible for reappointment.
However, the Act is silent on the period within which, in the event of death, the President can appoint the next Governor. For now, Ugandans will still have to wait for that to happen because only President has the ultimate answer.
