By Jumah Kakomo
The Democratic Party (DP) has sharply criticized President Yoweri Museveni’s recent appointment of Dr. Michael Atingi-Ego as the new Governor of the Bank of Uganda, claiming that the president prioritizes loyalty over constitutional requirements. The criticism follows Dr. Atingi-Ego’s appointment to replace the late Prof. Emmanuel Tumusiime Mutebile, who passed away in January 2022.
Dr. Atingi-Ego, who has been serving as Deputy Governor, assumes leadership of the central bank at a time when Uganda faces significant economic challenges, including currency depreciation, high inflation, and a growing trade deficit. Prof. Augustus Nuwagaba has been appointed as his deputy.
Ismael Kirya, the DP spokesperson, voiced concerns over the timing of the appointment, especially considering the ongoing currency devaluation. Although the Bank of Uganda has been without a substantive governor since Mutebile’s passing, Kirya argues that Museveni’s appointments are more about political loyalty than merit or adherence to constitutional mandates.
“The president’s appointments seem to be driven by personal interests, not by a genuine desire to stabilize the country’s economy,” said Kirya. “This pattern of placing loyalty above competence has raised questions about the integrity of such decisions.”
Kirya further raised alarm over the recent discovery of Shs 60 billion reportedly going missing from the Bank of Uganda, an incident that occurred under Atingi-Ego’s tenure as acting governor. This has ignited widespread concern regarding the bank’s internal controls and the mismanagement of public funds.
“The disappearance of such a significant amount of money is a major blow to Uganda’s economy, especially at a time when we are grappling with inflation and a depreciating currency,” Kirya stated. “It raises serious concerns about corruption and the overall governance of the central bank.”
The Ugandan government has assured the public that it is taking the matter seriously and working to recover the lost funds, although the incident continues to fuel doubts about transparency and accountability in the country’s financial institutions.
The ongoing investigation into the missing funds has left many Ugandans questioning how such a large sum could disappear unnoticed and what actions will be taken to prevent similar incidents in the future.
In addition to concerns over financial mismanagement, Kirya warned that the depreciating value of the Ugandan shilling is causing severe economic strain on the population. The currency has hit an all-time low, and Kirya fears that if not addressed, the situation will worsen, leading to higher prices for essential goods and services, reduced investor confidence, and slower economic growth.
“The depreciation of our currency will only exacerbate the hardships of ordinary Ugandans. If the government does not act swiftly, the country could face even more dire economic consequences,” Kirya added.
