Dr. Michael Atingi-Ego, Governor of the Bank of Uganda (BoU), has been named among the top 25 best performing central bank governors in the world in the Global Finance Central Banker Report Cards 2025. He earned an A- grade for his stewardship, placing him in a globally elite group of central bankers lauded for excellence in areas such as inflation control, economic growth, currency stability, interest rate management, and political independence.
The Central Banker Report Cards evaluate nearly 100 central bank governors, including regional and cross-border institutions, using a scale from A+ to F. Key criteria include inflation control, achievement of economic growth goals, currency stability, interest rate management, and the political independence of the central bank in executing its mandate.
In 2025, under Dr. Atingi-Ego’s leadership, Uganda recorded steady macroeconomic growth, with GDP expanding by about 6.3% in FY 2024/25, up from 6.1% the prior year. Inflation stabilized at around 3.8% in July and August 2025, reflecting a steady decline from earlier levels. The Ugandan shilling also experienced relative stability, supported by improved harvests, stable global fuel prices, and coordinated monetary and fiscal policies. The A- grade signals strong performance, even if just below the “A” and “A+” levels awarded to some peers.
From the Global Finance 2025 report, governors who ranked above Atingi-Ego with A+ grades include Denmark’s Christian Kettel Thomsen, the United States’ Jerome H. Powell, and Vietnam’s Nguyen Thi Hong. Those who earned an “A” include Rosanna Costa of Chile, Roger Madrigal Lopez of Costa Rica, Perry Warjiyo of Indonesia, Richard Byles of Jamaica, Kamau Thugge of Kenya, Abdellatif Jouahri of Morocco, Carlos Carvallo Spalding of Paraguay, Julio Velarde Flores of Peru, and Nandalal Weerasinghe of Sri Lanka.
Dr. Atingi-Ego shares the A- grade with several peers such as Christine Lagarde of the European Union, Lesetja Kganyago of South Africa, Hassan Abdalla of Egypt, Chea Serey of Cambodia, and Yang Chin-long of Taiwan, among others. This places him in a distinguished group of central bankers just behind the top-tier performers.
The recognition is significant, as it comes shortly after his formal appointment as Governor in February 2025, signaling that the Bank of Uganda’s policies—ranging from monetary discipline and inflation control to exchange rate stability—are attracting international acknowledgment. For Uganda, this demonstrates competitive standing among peers in emerging and developing economies, showing resilience despite global economic challenges.
To move into the highest ranks, however, further improvements will be needed. Central banks with “A” and “A+” ratings often combine technical success with stronger institutional independence, transparent policymaking, and broader structural reforms. Uganda’s central bank will need to maintain fiscal discipline, safeguard policy credibility from political interference, and enhance financial sector resilience to sustain progress.
Dr. Atingi-Ego’s inclusion in the 2025 global ranking is therefore both an achievement and a challenge. It highlights Uganda’s recent macroeconomic stability and strong policy direction, while also underscoring the need to build on these gains as the country navigates both domestic and global economic headwinds.