Uganda is nearing a historic milestone, approaching three years without a Central Bank governor, a feat unprecedented in peacetime. Since the death of former Governor Emmanuel Tumusiime-Mutebile in January 2022, President Yoweri Museveni has delayed appointing a successor, despite pressure from politicians, economists, and the media. Uganda’s economy has remained stable, with low inflation and a steady exchange rate, leading some to credit Deputy Governor Michael Atingi-Ego’s leadership.
Critics argue that Museveni’s reluctance stems from political insecurity, fearing to upset factions vying for the role. Others believe it’s part of his long-standing hands-off approach to the economy, influenced by his fear of inflation. Museveni has consistently avoided meddling with economic matters, prioritizing stability.
The president’s strategy of appointing loyal but often unqualified ministers has drawn ridicule, with some comparing Uganda’s aging officials to the younger, more skilled leaders in neighboring Rwanda. Museveni has deliberately weakened his ministers’ power by establishing parallel offices and appointing a vast number of presidential advisers, ensuring loyalty over competence. With over 160 advisers and a cabinet dominated by relatives and political loyalists, Museveni has solidified control.
As Uganda approaches its 2026 elections, Museveni, who recently celebrated his 80th birthday, is expected to run for a record ninth term. His method of surrounding himself with “hollow” figures has minimized internal threats, leading some to believe that the absence of strong contenders may ease Uganda’s eventual transition of power.
