With the death of Central Bank Governor Emmanuel Tumusiime-Mutebile, the question of who succeeds him will have to take centre stage.

According to the Bank of Uganda (BOU) Act, the governor is appointed by the President in consultation with Cabinet, and the only qualification required for a governor is that they “be a person of recognised financial or banking experience”.

BOU is charged with overseeing monetary policy and the overall health of the banking sector. So one can expect that whoever will be chosen to lead the central bank will be a time-tested, safe pair of hands who can not only sync with State House but also be acceptable to western donors.

Thankfully, there is no shortage of competent people to fill the position.

With that in mind here is a list of potential candidates that could fill the position of central bank governor.

Michael Atingi-Ego

Atingi-Ego is the deputy governor of the bank and a seasoned economist in his own right. He started his working career at Bank of Uganda, rising up the ranks to become the executive director of research. Before being appointed deputy governor in March 2020, he served at the International Monetary Fund (IMF) as deputy director of the Africa Department.

Prior to his return to the bank, he was the executive director of the Macroeconomics and Financial Management Institute of Eastern & Southern Africa (MEFMI) based in Harare, Zimbabwe. A pure technocrat, this may work against him or in his favour in first ascending to this politically sensitive position of central bank boss.

Louis Kasekende

Currently, the executive director of the Macroeconomics and Financial Management, Institute of Eastern & Southern Africa (MEFMI) based in Harare, Zimbabwe, Kasekende was deputy governor at the central bank on two separate occasions, 1999-2002 and 2010-2020. In between the two stints at BOU, he served as an executive director at the World Bank and as the Africa Development Bank’s chief economist. Kasekende was for long seen as Mutebile’s successor but with the nonrenewal of his contract two years ago, he seems to have fallen down the pecking order.

Dr Ezra Suruma

Suruma is a former finance minister and has been at the centre of Uganda’s economic recovery push since his return to the country in 1987.

At the central bank he started off as director of research before rising to the position of deputy governor. He resigned from the bank to take up the position of chairperson and managing director of the Uganda Commercial Bank. He has previously expressed strong views about how the banking sector should be reconfigured in favour of local banks.

Keith Muhakanizi

Muhakanizi is currently the permanent secretary in the Prime Minister’s office, but prior to that was permanent secretary and Secretary to the Treasury at the finance ministry.

Observers think his abrupt departure from the all-powerful office of finance permanent secretary and Secretary to the Treasury may not adversely affect his chances of following in Mutebile’s footsteps at the central bank.

Richard Byarugaba

Byarugaba is the managing director of the National Social Security Fund (NSSF), the largest financial institution in Uganda.

Prior to that he was managing director at the now defunct Global Trust Bank, a position he took up after serving as the chief operating officer at Barclays Bank (Uganda).

Previously, he was the managing director of Nile Bank which was acquired and folded into Barclays Bank. His leading NSSF through a period of exponential growth without the scandal that dogged the institution under previous administrations, may also count in his favour.

Allen Kagina

Allen Kagina led Uganda Revenue Authority (URA) during some of its best years, helping to improve its image and accelerating revenue collections.

At the Uganda National Roads Authority, she has once again worked her magic to revamp its image.

Bank of Uganda is not a problem institution but its centrality in the economy dictates the need for a safe pair of hands, with the ear of the President and cosy with the donor community.

The challenge may be that she has no recognisable experience in the financial banking sector.

Dr Joseph Muvawala

Muvawala is the current executive director of the National Planning Authority (NPA). He previously worked as a chief country economist of the Africa Development Bank (AfDB). His name has come up a number of times as a likely candidate for the position.

But President Yoweri Museveni, the appointing authority always keeps his cards close to his chest and could come up with a surprise name which may not be any of these mentioned.

Other candidates

Other potential candidates are Maria Kiwanuka who has previously worked with the World Bank and as Finance Minister and Adam Mugume, BOU’s current director of research and policy.

Patrick Mweheire

Mweheire is currently the regional group managing director and regional group chief executive of Standard Bank Group for Eastern Africa.

Prior to that Mweheire was the managing director and chief executive officer of Stanbic Bank Uganda.

His shepherding of Stanbic Bank Uganda to be more aggressive in the sector and especially in helping finance government’s key infrastructure projects will only add to the perception that he was a protégé of Mutebile, who influenced Mweheire’s selection to lead Stanbic over Johannesburg’s preferred candidate.