Atingi-Ego outlines Uganda's path to economic resilience and innovation

Governor Michael Atingi-Ego honored Professor Emmanuel Tumusiime-Mutebile, highlighting his steadfast leadership through economic storms.

Mutebile maintained inflation near five percent during the 2008 Global Financial Crisis, protected foreign reserves, and ensured the Uganda shilling's stability.

During the 2011 inflation spike, he restored confidence through clear communication.

For the Covid-19 pandemic, Mutebile introduced liquidity support and credit relief, demonstrating innovation without compromising stability.

This prudent policy foundation underpins Uganda's current economic resilience.

Last month, the Monetary Policy Committee maintained the Central Bank Rate at 9.75 percent.

Inflation remains subdued, averaging 3.6 percent for headline and 3.9 percent for core over the past year, standing at 3.4 percent in October 2025. Economic growth expanded by 6.3 percent, driven by agriculture, industry, consumption, and investment.

These outcomes reflect the Bank of Uganda's primary mandate to maintain price stability, targeting 5 percent inflation.

The Governor highlighted innovation and financial inclusion, noting 73 percent of Ugandan adults now have a financial account, up from 66 percent in 2021. Bank of Uganda initiatives include SupTech for risk management, the National Payment Switch for interoperable payments, and upgrading the Real-Time Gross Settlement system to ISO 20022 standards.

FinTech innovation also supports digital credit and savings in rural areas.

However, challenges persist: cybersecurity threats, climate-related financial risks, money laundering, fraud, and data privacy violations.

Inconsistent internet connectivity further hinders progress, emphasizing the need for infrastructure development.

The Governor stressed consumer protection and digital literacy to build trust in financial services.