By David Mwanje
Bank of Uganda Governor Dr. Michael Atingi-Ego has received an A– in the 2025 Global Finance Central Banker Report Cards, placing him among Africa’s top-rated central bankers and ahead of his East African counterparts.
Appointed in February 2025 after four years as deputy governor, Atingi-Ego has kept policy focused on stability and growth. Uganda’s economy is projected to expand by 6.5% this year, with private-sector lending recovering and non-performing loans easing. In an interview with The Observer after holding the policy rate at 9.75% in August, he said the bank aims to shield households from external shocks while supporting investment and trade.
Headline inflation edged up to 3.8% in July but remains low by regional standards. The shilling has been cited in international analyses as one of Africa’s more stable currencies. The World Bank has also lifted its two-year lending suspension to Uganda, citing governance and fiscal measures. For borrowers, this environment points to steadier prices and improved access to credit.
Across the region: Kenya’s Kamau Thugge also scored an A, maintaining a 9.5% policy rate alongside about 5.2%growth; Tanzania’s Emmanuel Tutuba earned a B amid roughly 6% growth; Rwanda’s new governor Soraya Hakuziyaremye is still settling in; and Ethiopia’s Eyob Tekalign continues to grapple with double-digit inflation.
Atingi-Ego has pushed digital payments and SME support, arguing that growth must translate to household gains. He has also floated a regional payments link among Kampala, Nairobi, and Kigalito cut transaction costs and speed cross-border trade.
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