I accept BOU deputy governor job with humility — Prof. Nuwagaba

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Prof. Augustus Nuwagaba has said he accepts the Bank of Uganda (BOU) deputy governor job with humility a month after he was appointed to the position.

“I thank H.E. President Yoweri Museveni for the trust he bestowed on me to lead BOU at the level of deputy governor. This is a heavy and critical responsibility, which I accepted with humility,” the international consultant on economic transformation said.

He made the remarks on the social media platform X on Wednesday, March 12.

Early last month, President Museveni also appointed Dr. Michael Atingi-Ego, who had been serving as deputy governor since April 23, 2020, as the new BOU governor.

Atingi-Ego replaced Prof. Emmanuel Tumusiime-Mutebile, who died on January 23, 2022.

Prof. Nuwagaba pledged that he will “dispense all my energy, zeal, commitment, and resilience” to realise the BOU’s objectives, namely price stability and a sound financial system.

“However, these tenets will be achieved through sustained macro-economic stability, financial inclusion, and ensuring environment and social governance, all aimed at one major goal of socio-economic transformation,” he said.

He also thanked the President for peace and security, which he said are sacrosanct for anyone to conduct any given economic activity.

Their appointments came at a precarious time for Uganda after the US President Donald Trump’s recent order to halt foreign development assistance for 90 days pending a review of efficiencies and consistency with his foreign policy.

Experts have been expressing their dismay and concern over the dismantling of the United States Agency for International Development, which has worked in close collaboration with the Ugandan government and the people, investing in health, education, and agriculture for over 60 years.

Trump announced huge cuts to USAID and the immediate suspension of almost all of its programmes over allegations of incompetence and corruption.