Nuwagaba’s Long Walk to Bank of Uganda

By Spurb Ernest

The appointment of Professor Augustus Nuwagaba as deputy central bank governor brings to a close more than three years of speculation about him joining the same institution. Nuwagaba, an economist, academic, and researcher, has long been associated with the top position at the Bank of Uganda, especially after the passing of Governor Emmanuel Tumusiime-Mutebile in January 2022.

The appointment of Professor Augustus Nuwagaba as deputy central bank governor brings to a close more than three years of speculation about him joining the same institution.     Nuwagaba, an economist, academic, and researcher, has long been associated with the top position at the Bank of Uganda, especially after the passing of Governor Emmanuel Tumusiime-Mutebile in January 2022.

In 2023, Ugandans online even took matters into their own hands, appointing him as the Governor of the Bank of Uganda. However, it later turned out that this was a hoax, though many had already begun sending him congratulatory messages. 

One could say that with his expert opinions on monetary and economic issues, in addition to his academic and practical experience, he may have already caught the attention of the citizens and that of the appointing authority.

Although he was not given the top job at the central bank then, President Museveni has today finally named him Deputy Governor, deputizing Michael Atingi-Ego, who was elevated to Governor after serving as Deputy for six years. Atingi-Ego has been holding the fort since Mutebile’s passing. 

Nuwagaba is well known for his work on development economics, poverty alleviation, and public policy. He has held various positions in academic institutions and contributed to discussions on Uganda’s economic development, particularly in areas such as education, trade, and agriculture. He is also recognized for his involvement in policy analysis and providing strategic advice to both government and private sector entities. His insights have been influential in shaping economic and development policies in Uganda. 

Profile Overview

Prof. Nuwagaba, aninternational consultant on economic transformation in the African Region, was born in 1964 in Kabale Municipality. He attended Kigezi High School before enrolling at Makerere University’s Faculty of Social Sciences, graduating in 1989.

His profile on Makerere website shows that he earned a Master of Science degree from the London School of Economics and a PhD in Economics, specializing in Inclusive Growth and Poverty Eradication, from Makerere University. He also holds an MBA in monetary policy and commercial bank competitiveness from the Eastern and Southern African Management Institute. 

Since the early 2000s, Prof. Nuwagaba has been a member of the academic staff at Makerere University. He is also the Managing Director at Reev Consult International Limited, a private consultancy firm he established in 2000. 

Nuwagaba is a recognized member of the African Regional Panel of Experts on Development and the Global Forum on Human Development, based in Geneva, Switzerland. His role as a consultant for the United Nations Development Programme (UNDP) includes advising on Uganda’s Country Programme for 2020/21–2024/25, as well as contributing to the development of Uganda’s National Research Agenda in 2021.

In addition, Nuwagaba has provided consultancy for various high-profile international organizations. His work includes analyzing the impact of COVID-19 on Uganda’s manufacturing sector in 2020 and conducting a study on the Ugandan Diaspora’s direct investment in Uganda, covering regions in Europe, North America, and Asia. He also contributed as a national consultant to the African Peer Review Mechanism and reviewed the National Development Plan for Uganda, covering the period from 2010 to 2015. 

Nuwagaba also served as a consultant for the African Policy Forum, where he worked on developing focused national budgets for Africa in 2008. He has also been a member of the World Bank Consultative Group that developed the African Plan of Action. His contributions to global development have been widely recognized. 

In 2004, he was honoured with an International Award for his significant contribution to world society, and he is listed in Who’s Who in the World. In 2018, he was awarded the “Golden Jubilee Independence Medal” in recognition of his impactful work in Uganda’s development.

Nuwagaba’s leadership is evident in his role as the team leader for the FINSCOPE Financial Penetration Project for Uganda in 2013. He has also provided expert consultancy for the strategic planning and review of regional integration efforts in East Africa, working with partner states like Uganda, Rwanda, Kenya, Tanzania, Burundi, and South Sudan in 2016. 

His national consultancy work also includes leading the Spend Analysis across Uganda’s Ministries, Departments, and Agencies, alongside serving on the Audit Committee for Uganda’s Ministry of Finance, Planning, and Economic Development from 2010 to 2017.

Additionally, he contributed to the Post Legislative Scrutiny of the Public Finance Management Act 2015 under the Parliament of Uganda, focusing on its impact on financial accountability.

Personal Life

Prof. Nuwagaba has been married to Lillian Nuwagaba since 1997, and together they have four children. He is an active Rotarian, having served as the 34th President of the Rotary Club of Muyenga District 9211 during the 2021-2022 Rotary year. 

With his vast experience in monetary policy, fiscal management, and economic development, Prof. Nuwagaba is poised to play a pivotal role in guiding Uganda’s financial sector through the challenges posed by post-pandemic recovery and inflationary pressures.