For the first time in three years, the Bank of Uganda has a fully constituted board, bringing much-needed leadership and expertise. With a strong mix of financial, economic, legal, and technology professionals, the board is poised to drive stability and economic transformation.
In fact, it will be the first time the Central Bank will have a chairman in more than 36 months since the death of Emmanuel Tumusiime Mutebile on January 23, 2022.
Bank of Uganda has not had a governor – not even in acting capacity – which in essence means that the bank has not had a chairman, either.
The Bank of Uganda board is constituted in such a way that whoever is the governor is automatically the chairperson and is deputised by the deputy governor.
The board is also composed of five non-executive members and a board secretary, who, together with the chairman and his deputy, have the ultimate responsibility over management, general affairs, direction, performance and long-term success of the bank.
Thus, the elevation of Dr. Michael Atingi-Ego to governor and the appointment of Prof Augustus Nuwagaba as his deputy, now fills the void and comes at a time when Uganda is implementing key development targets including the ten-fold growth from $50b to $500b by 2040 and the fourth phase of the National Development Plan, among others, of which the Central Bank is a key implementing partner.
For Uganda to achieve the above targets and others, the Central Bank must foster a sound, safe and stable financial sector in support of socio-economic transformation.
Therefore, it is a critical turn now that the Central Bank has finally been fully enabled, and focus will now be on which direction the Central Bank takes in a rapidly evolving technology-driven environment.
In this article, we look at the composition of the board – who is who – and who is expected to do what in supporting, first the mandate of the bank and then government in achieving key targets, some of which have been termed highly ambitious.
Dr Michael Atingi-Ego
Chairman & Governor
Early this week, President Museveni appointed Dr Atingi-Ego governor, elevating him from deputy governor, a position he has held since April 23, 2020.
The elevation automatically makes him the chairman of the board, which places the responsibility of providing the bank with a direction at board level and ensuring efficient day-to-day operations, in his hands.
Dr Atingi-Ego is highly experienced having worked as the executive director of the Micro-economic and Financial Management Institute of Eastern and Southern Africa, a multinational capacity building institute based in Harare Zimbabwe, from September 2018 – while he was on leave from the IMF – where he enhanced e-learning for dynamic environments, integrated the theory of change into the monitoring and evaluation framework of product effectiveness, introduced flexible work to boost staff productivity, reviewed key operational manuals, procedures and guidelines and strengthened synergies.
He has also previously served as deputy director in the African department of the IMF, where he enhanced effectiveness of capacity development, modernised monetary policy frameworks in developing countries and improved micro-economic statistics in sub-Saharan Africa.
Dr Atingi-Ego, who holds a PhD in economics from Liverpool University, a MSC Economics in international economics and banking from Cardiff Business School, University of Wales and a BSC Economics from Makerere University, started his career at Bank of Uganda in August 1984, before he was elevated to the role of executive director research, focusing on macro-economic and financial policies and statistics.
Prof Augustus Nuwagaba
Vice Chairman & Deputy Governor
His recent appointment as deputy governor brings a wealth of experience to the Central Bank that is increasingly seeking to find a balance between fostering economic stability and building policies that uplift livelihoods.
He is an international consultant on economic transformation and wealth creation expert in both Uganda and Africa.
As the vice chairman, his qualifications in (MBA) in application of central bank monetary policy on commercial bank competitiveness will be invaluable.
He has analysed fiscal metrics for governments in Africa, reviewed financial performance and analysed tax policies.
For more than 20 years, Prof Nuwagaba has also worked as the managing consultant at REEV Consult International, a private consultancy, consulted for the African Peer Review Mechanism under NEPAD and served as a member of the African Regional Panel of Experts on Development and World Bank Consultative Group that developed the African Plan of Action.
He has also previously led the FINSCOPE – Financial Penetration Project, developing financial management and training manual for Parliamentary Accountability Committee, served as a member of the audit committee of the Ministry of Finance and also consulted for mid-term review of the National Development and formulation of the East African Community development investment plan.
Mrs Rosemary Kisembo
Member
Her expertise in ICT makes her a priceless member of the Bank of Uganda board at a time when technology has taken centre stage.
She heads the Central Bank’s Capital Projects Committee of the Board, which provides oversight on acquisition, utilisation, and monitoring of the bank’s capital projects, including Information Technology, plant, machinery, construction, and significant maintenance works, among others.
She has since May 2021 been the executive director of the National Identification and Registration Authority and a board member of Bank of Uganda since June 2023.
She has previously worked as head of ICT at UNRA, manager software engineering at URA from 1995 to January 2016 and consulted for URA under the public financial management improvement and consolidation project of the Ministry of Finance, Sierra Leone.
She is an avid technology enthusiast with more than 25 years of experience in developing and adopting technologies for business transformation and was a key architect in designing the concept of mobile payment of e-tax.
She has worked with technology teams and provided leadership in documenting and validating technical requirements, designing, developing and deploying systems in the tax administration and project management of engineering domains.
She holds a Master of Science in Information Systems from Makerere University, a Bachelor of Commerce from Makerere University. She is now working with the NIRA team to deliver the next generation ID as a digital public good using open-source technologies.
She is also a project management professional, certified secure software lifecycle professional, balanced scorecard master professional and Microsoft certified professional.
Ramathan Ggoobi
Member
An accomplished economist and policy analyst currently serving as the permanent secretary of the Ministry of Finance and secretary to the Treasury, Mr Ggoobi has been a member of the Bank of Uganda board since July 2022, where he serves as the chairperson of the Financial Stability Committee.
The committee provides oversight in the supervision and regulation of the financial sector and where necessary advisory support for the wider financial sector.
His experience in academia, having taught in several universities, particularly Makerere University Business School between 2008 and 2021, where he also headed a think-tank – the MUBS Economic Forum that made ground-break research and caused public debates, which generated viable policy related solutions to some of Uganda’s economic challenges between September 2017 and September 2020, makes him a key resource at a bank that is experiencing a number of shifts.
He has also previously served on the board of Uganda Development Corporation, the government’s investment arm, and, between June 2020 and July 2021, was a senior presidential advisor on the national economy.
He has consulted for several organisations including International Labour Organisations, Overseas Development Institute, UK, Freidrich Ebert Stiftung, Financial Sector Deepening Uganda, Action Coalition for Development and Environment, and many others.
As PS/ST, he has set his agenda to reform the national budget by making it more responsive to national development priorities, improving the appraisal and implementation of national development projects, and ensuring accountability with measurable results rather than paper accountability.
He is a PhD candidate at Walden University, US (ongoing since 2019), holds an MA Economic Policy and Planning from Makerere University (2011) and a BA (Economics major) from Makerere University.
He also holds a certificate in energy economics, Total Global and a certificate in sustainable development (with distinction) from Columbia University, US.
Japheth Katto
Member
He combines a mix of international and local expertise, which makes him is a governance professional with rich experience in leading boards and governing organisations including listed companies, public sector entities, non-profit and international professional organisations.
He brings a wealth of talent to the Bank of Uganda board, which he has been part of since June 2023.
He is chairperson of the Audit and Governance Committee of the bank, which provides assurance to the board on the effective utilisation of resources, internal controls, and risk management.
As a member of the Judicial Commission of Inquiry into bank closures (2000), he influenced the reform of banking legislation and the introduction of higher corporate governance for banks.
He is a financial services practitioner with experience in governance, executive management and regulation of banking, securities markets and pensions.
He is currently a member of different boards such as Private Sector Foundation Uganda, and International Valuations Standards Board, UK. He has previously served as chairman of Stanbic Holdings, Uganda Breweries, Stanbic Bank and Duke Edinburg International Award.
He has also served as a member on the boards of East African Breweries Plc Kenya, International Federation of Accountancy New York, Association of Chartered Certified Accountants UK, African Peer Review Mechanism Uganda and deputy chairman of the Junior Achievement Uganda.
He has previously served as the chief executive officer of the Capital Market Authority of Uganda, manager of the Investment Management Regulatory Organisation and the Financial Services Authority of the UK, senior examiner at the Department of Trade and Industry of the UK, senior accountant in Uganda Posts and Telecommunications Corporation, and auditor in the East African Community audit department of Kenya.
He holds a Bachelor of Commerce from Makerere University and the Association of Certified Chartered Accountants of Emil Woolf College of Accountancy, UK.
Mrs Josephine Okui Ossiya
Member
She is currently the chief executive officer of the Capital Markets Authority and has been a member of the Bank of Uganda board since February 2018.
Her over 20 years of experience in finance, audit, treasury, risk management, and general management, is a vital talent to the Central Bank.
She is the chairperson of the Strategy and Finance Committee of Bank of Uganda, which ensures that the Bank’s financial resources are appropriately deployed to meet its strategic priorities and also provides oversight of risk and IT governance.
From November 2014 to February 2024, she served as the chief finance officer of Bujagali Energy Limited and has also held several key positions, including chief financial officer and head of finance at ATC Ghana, finance director at Eskom Uganda, and financial controller at Standard Chartered Bank Uganda.
She has also previously worked as corporate treasurer and financial controller at Shell (now Vivo Energy), area auditor for Eastern Africa at British American Tobacco and internal auditor at National Social Security Fund and National Water and Sewage Corporation.
She holds an MBA from the University of Liverpool and a Bachelor of Commerce from Makerere University. She is a member of the Institute of Internal Auditors Uganda, the Association of Chartered Certified Accountants, and the Institute of Certified Public Accountants of Uganda, where she currently serves as president.
Didas Nkurunziza
Member
He is an accomplished advocate with more than 39 years of active practice and a member of the Bank of Uganda board since June 2023.
He is a member of all four committees of the Central Bank, including the Strategy and Finance, the Audit and Governance, the Financial Stability and the Capital Projects Committee of the Board, where he provides advisory expertise.
He has practiced before the London Court of International Arbitration as part of a team of lawyers led by Queen’s Counsel. He has also participated in Uganda’s arbitration proceedings, serving as a sole arbitrator and a member of a three-member arbitral tribunal, twice serving as chairperson.
He is a member of the Uganda Law Society and the East African Law Society. He was the inaugural chairperson of the Makerere University Staff Appeals Tribunal, where he served for eight years.
Mr Nkurunziza holds a Bachelor of Laws from Makerere University and a Diploma in Legal Practice from the Law Development Centre. Through his law firm, he has represented major clients in various legal matters.
Mrs Susan Kanyemibwa
Board Secretary
Susan is an Executive Director and Secretary to the Board of Bank of Uganda, a position held since 2015.
She has been a member of the Board of Directors of the Deposit Protection Fund of Uganda [DPF] since March 2022, representing the Governor of Bank of Uganda. She served as the Director for Board Affairs at the Bank of Uganda from 2011 to 2015; Assistant Director for Board Affairs at the Bank of Uganda from July 2009 to 2011; and as a Senior Principal Banking Officer in the Legal Department of Bank of Uganda, from September 2004 to June 2009.
Before joining the Bank of Uganda. Ms. Kanyemibwa served as a Company Secretary/Head of Legal at Monitor Publications Limited from January 1998 to July 2004.
She is a Fellow of the Chartered Governance Institute of UK & Ireland [formerly the Institute of Chartered Secretaries and Administrators (UK)], an enrolled Advocate of the High Court of Uganda and other Courts of Judicature and represented Bank of Uganda as a Council Member of the Institute of Corporate Governance of Uganda (ICGU).
She holds a Master of Business Administration (MBA) from Heriot-Watt University, Edinburgh Business School; a Graduate Fellow of The Chartered Governance Institute UK & Ireland, a Master of Laws Degree from Makerere University, Kampala; a Post-Graduate Diploma in Legal Practice from Law Development Centre, Kampala; and a Bachelor of Laws Degree, from Makerere University, Kampala. She also holds several short-term training Certificates in various disciplines.