In a significant shake-up at the Bank of Uganda, Deputy Governor Dr. Michael Atingi-Ego has announced a reshuffle of top executives, effective August 6, 2024. This restructuring comes as part of the Bank’s new organizational structure, approved by the Board on May 7, 2024.
Key Changes:
- David Kalyango: Formerly the Executive Director of Finance, has been appointed as the new head of Bank Supervision. He takes over from Twinemanzi Tumubwine, who has been reassigned to the role of Executive Director of National Payment Systems. Tumubwine had been in charge of Bank Supervision since 2018, succeeding Justine Bagyenda.
- Mackay Aomu: Previously the Director of National Payment Systems, has been promoted to oversee the supervision of non-bank financial institutions.
- Dr. Jacob Opolot: Former Executive Director and Economic Advisor to the Governor, will now lead operations, particularly focusing on the currency docket, a role that had been vacant for some time.
- Phillip Wabulya: The former Executive Director of the Petroleum Investment Fund and Chairman of the Contracts Committee, will now head Risk and Strategy at the central bank.
In a memo dated August 5, 2024, Dr. Atingi-Ego outlined the changes, stating, “Following the Board’s approval of the new organizational structure and considering the skills, qualifications, competencies, and experience, we inform you that effective August 6, 2024, Heads of Directorate and Department at the rank of Executive Director and Director respectively have been deployed.”
Dr. Atingi-Ego further mentioned that the vacant positions would be filled competitively at a later date and that the actual movements to the new duty stations would be handled administratively according to the Bank’s policy on handing over, specifically Section 6.17 of the Administration Manual.
Background and Context:
The reshuffle follows resistance from Bank of Uganda staff to earlier restructuring plans. In 2023, staff argued that the proposed changes were aimed at replacing officials loyal to the late Governor Emmanuel-Tumusiime Mutebile with those aligned with the current Deputy Governor, Dr. Michael Atingi-Ego. The restructuring was initially set to begin on August 1, 2023, but was delayed to address concerns raised by staff.
The Bank defended the new structure, asserting that it was based on a comprehensive review by consulting firm KPMG and had been suggested by the late governor himself. The aim of the restructuring is to enhance efficiency and align the Bank’s operations with its strategic objectives.
As the Bank of Uganda navigates these changes, it remains to be seen how the new appointments will impact the institution’s operations and its role in Uganda’s financial sector.
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