Building Africa's Economic Future Through Visionary Leadership and Innovation

At a pivotal lecture at Makerere University, the Governor of the Bank of Uganda, Michael Atingi-Ego, reflected on the enduring legacy of Professor Emmanuel Tumusiime-Mutebile and outlined a blueprint for Africa’s economic resilience and transformation.

Professor Mutebile guided Uganda through some of its most challenging economic periods, holding firm during the 2008 global financial crisis, curbing inflation spikes in 2011, and steering innovative responses to the Covid-19 pandemic. His unwavering commitment to prudent monetary policy and transparent communication bolstered confidence in Uganda’s financial system and preserved the livelihoods of its people. The Governor credited Mutebile's forward-thinking policies, such as advocating for financial inclusion and technological adoption, with enabling significant growth in formal banking access and the expansion of digital financial services. Today, over 70 percent of Ugandan adults are connected to the financial system, illustrating how innovation in regulation can drive social and economic inclusion.

Atingi-Ego emphasized that innovation must be guided by purpose, stability, and values, rather than novelty. He outlined the Bank’s strategic initiatives, including advancements in supervisory technology, payment system modernization, regional financial integration, and fostering fintech innovation to reach marginalized communities. However, he warned that digital transformation also brings new risks—such as cyber threats and uneven infrastructure—which must be addressed for sustainable growth.

Drawing on Mutebile’s leadership ethos, the Governor called for intergenerational collaboration. He asserted that Africa’s young population presents an unprecedented opportunity if included in decision-making and given investments in skills, education, and health. Yet, he stressed that economic stability alone is insufficient; the real test is whether stability can serve as a foundation for inclusive transformation, deeper financial sector development, and equitable opportunity.

Uganda’s macroeconomic performance has been encouraging, with subdued inflation and GDP growth exceeding six percent, yet challenges such as low domestic revenue and limited credit to the private sector remain. The Governor urged for reforms that mobilize resources, further human capital development, and cultivate trust through robust consumer protection and digital literacy.

Atingi-Ego concluded that the real legacy of leaders like Professor Mutebile lies not in monuments, but in the continued pursuit of resilient, inclusive growth through principled leadership and purposeful innovation. The future, he noted, depends on Africa’s ability to harness both the wisdom of experience and the boldness of youth in shaping lasting economic progress.

This vision is significant as it charts a course for African economies to thrive amid uncertainty by anchoring transformation in disciplined leadership, technological advancement, and genuine intergenerational partnership.