Makerere University, Kampala — Bank of Uganda Governor Michael Atingi-Ego has paid glowing tribute to the late Prof. Emmanuel Tumusiime-Mutebile, calling on Ugandans—especially young leaders—to carry forward his legacy of economic discipline, innovation and institution-building.
Speaking at the Tumusiime Mutebile 2025 Annual Lecture held at Makerere University, Atingi-Ego described his predecessor as “a compass that guided us through economic storms” and “a great tree whose roots continue to nourish the nation.”
“We gather here today not merely to remember a man, but to recommit ourselves to a vision,” the Governor said. “Three years ago, Uganda lost more than a central bank governor. We lost a lion who roared for prudent policy when silence would have been easier.”
The event, themed “Shaping Africa’s Future: Intergenerational Leadership, Economic Resilience and the Power of Innovation,” was attended by dignitaries including former Prime Minister Amama Mbabazi, members of the Mutebile family, Makerere University Vice-Chancellor Prof. Barnabas Nawangwe, and keynote speaker Dr Tusu Tusubira.
A Legacy of Stability Through Crisis
Atingi-Ego highlighted three major economic crises in which Prof. Mutebile’s leadership proved pivotal: the 2008 global financial crisis, the 2011 inflation spike, and the Covid-19 pandemic.
“He kept inflation near five percent when economies around the world were contracting,” he said of the 2008 crisis. On the 2011 inflation surge, he added: “He restored confidence not through promises, but through action. Economic resilience begins with trust.”
During the pandemic, Mutebile introduced liquidity support to banks, credit relief measures, and foreign exchange interventions. “He innovated without compromising stability,” Atingi-Ego noted.
A Call to Unlock Africa’s Demographic Dividend
The Governor said the lecture’s focus on intergenerational leadership was timely, warning that Africa cannot achieve sustainable development without integrating young people into decision-making.
“Africa cannot build sustainable economies while excluding its greatest resource—its young people,” he stated. “Experience without innovation becomes obsolescence. Innovation without wisdom becomes recklessness. Together, they become transformation.”
He credited Mutebile for championing reforms such as agency banking, bancassurance and Islamic banking, which expanded financial inclusion.
According to the 2025 Global Findex report, 73% of Ugandan adults now have a financial account, up from 66% in 2021—a shift Atingi-Ego called “policy creating possibility.”
Innovation with Purpose
While highlighting the Bank of Uganda’s ongoing work in digital transformation—including supervisory technology (SupTech), automated payment systems and upgraded settlement frameworks—Atingi-Ego warned that innovation must be anchored in responsibility. “Innovation without purpose is novelty. Innovation without values is danger dressed in digital clothing,” he said.
He cited cybersecurity threats, climate-related financial risks, and money laundering as emerging challenges that demand vigilance.
Economic Outlook Still Stable
Atingi-Ego reaffirmed that Uganda’s macroeconomic indicators remain strong. “Inflation remains subdued, averaging 3.6 percent. Our GDP has expanded by 6.3 percent. We are growing. We are stable. We are resilient,” he said.
But he cautioned that stability alone is not enough: “The question is not whether we are stable, but whether we are using that stability as a foundation for bold, inclusive transformation.”
The Road Ahead: Revenue, Human Capital and Financial Deepening
The Governor outlined four priority areas for Uganda’s economic future: increasing domestic revenue mobilisation, investing heavily in education, health and skills, deepening the financial sector to support entrepreneurs and nurturing innovation while safeguarding consumers.
“We cannot build a modern economy on borrowed money alone,” he stressed.
Honouring Mutebile Through Action
Closing his remarks, Atingi-Ego encouraged Uganda to uphold Mutebile’s values of discipline, institutional integrity and service. “Legacies are not preserved in marble monuments or annual lectures. They are preserved in the daily choices of those who follow,” he said.
He invoked one of Mutebile’s favourite proverbs: “If you want to go fast, go alone. If you want to go far, go together.” “Professor Mutebile showed us the way. Now we must walk the path,” Atingi-Ego concluded.