The Bank of Uganda (BoU) continues to ride on a foundation of macroeconomic stability left by its late governor, Prof Emmanuel Tumusiime Mutebile, his successor said Wednesday.
‘He left behind a legacy of macroeconomic stability, and this is the legacy we are carrying on,’ BoU Governor Michael Atingi-Ego told journalists on the sidelines of the 2025 Emmanuel Tumusiime Mutebile Annual Public Lecture at Makerere University on December 3.
This year’s lecture was held under the theme: ‘Shaping Africa’s Future: Intergenerational Leadership, Economic Resilience and the Power of Innovation.’
Atingi-Ego said the central bank’s current leadership is ‘working hard to ensure that the seed that Prof Mutebile sowed of macroeconomic stability continues to benefit all Ugandans.’
Economists define macroeconomic stability as the ability of a country to increase its gross domestic product (GDP), minimize inflation, foster a strong financial system, and support long-term growth and poverty reduction through sound monetary and financial policies.
Bank of Uganda records for 2025 indicate that Uganda’s macroeconomic stability remains strong, characterised by resilient growth and a robust financial system.
Atingi-Ego praised Mutebile for maintaining focus even in turbulent times. During the 2021 election season, Mutebile reportedly suspended the printing of money to avoid fuelling inflation, a challenge Uganda had experienced following the 2011 elections.
Former Prime Minister and Chairperson of the Mutebile Foundation, John Patrick Amama Mbabazi, emphasised the importance of investing in human capital to develop professionals capable of managing the country’s economic sectors.
He also called for trust in young leaders to ensure Africa’s continued prosperity.
Mr Laban Joshua Musinguzi, regional director of the Gro Foundation, urged emerging leaders to follow Mutebile’s example of selfless service.
‘We have to offer ourselves into creating generational change. Prof Mutebile offered himself to the Central Bank for 20 years, offered himself to the Ministry of Finance. His 35 years of service in the public sector benefited all of us,’ he said.