Uganda is on the brink of achieving a rare milestone – three years without a substantive Central Bank governor. Since the passing of Emmanuel Tumusiime-Mutebile, President Museveni has not appointed a successor despite the outcry from politicians, economists, and the media. However, Uganda’s economy has been relatively stable, boasting low inflation and a steady exchange rate. Some credit Deputy Governor Michael Atingi-Ego for maintaining stability.
Museveni’s reluctance to appoint a governor may stem from his fear of political backlash and a tradition of leaving the economy untouched. His unconventional approach to governance includes appointing inexperienced ministers and delegating most of their work to presidential advisers. As his 80th birthday approaches, Museveni’s grip on power remains strong, with few contenders within his ruling party.
Critics speculate that Museveni’s strategy of appointing “hollow men and women” may leave a leadership vacuum once he exits the political stage. Despite the uncertainty, Uganda’s economic stability persists, raising questions about the future of governance in the country.
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