The Deputy Governor of the Bank of Uganda, Michael Atingi-Ego, has reassured Ugandans that the absence of a substantive Governor for nearly three years has not hindered the Central Bank’s performance. He emphasized that strong governance structures are effectively guiding the institution.

“I think the Bank has been delivering. Is there anything to suggest that in the absence of the Governor, the Bank hasn’t been performing? We have a Board, senior management, and very capable staff. We have policies and guidelines to run the Bank, and the governance structures are performing. That is why we can deliver,” said Atingi-Ego.

Atingi-Ego’s comments came in response to questions from MPs Allan Mayanja, the Nakaseke Central Representative, and Medard Lubega Sseggona of Busiro East County about the impact of the Governor’s vacancy on the Bank’s operations. Mayanja specifically inquired about the challenges faced due to the lack of a substantive Governor.

“We are coming to three years without a substantive Governor, we would like to know how this has affected you and the experience you are passing through,” Mayanja inquired.

Sseggona, also Chairperson of the Public Accounts Committee on Commissions, Statutory Authorities and State Enterprises (PAC-COSASE) raised concerns about the legitimacy and effectiveness of running the Bank without a Governor, referencing legal precedents and questioning the completeness of the governance structure without a head. He suggested that if the Bank can function without a Governor, it might be worth considering eliminating the position to save taxpayer money.

“There is a big issue with running a country without a bank head because that position is created under the constitution. But as a frugal person who doesn’t want to spend a lot of money, if we can run without somebody, why don’t we delete it so that we don’t risk having somebody come and eat that money?” Sseggona remarked.

Atingi-Ego, however, maintained that the current governance structures, including the Board, provide adequate oversight, ensuring the Bank continues to meet its mandate effectively.

The Governor’s position became vacant following the death of Prof. Emmanuel Mutebile on January 23, 2022, at the age of 72. Mutebile, who had served as Governor for over two decades since 2001, passed away due to complications related to diabetes.

Source: Parliament