The Bank of Uganda has paid tribute to former governor Dr Emmanuel Tumusiime Mutebile, celebrating his legacy as one of the country’s most influential economic reformers at this year’s memorial lecture held at Makerere University.
The event drew several dignitaries from government, academia and the business community. Those in attendance included the current Bank of Uganda governor, Dr Michael Atingi-Ego, deputy governor Prof Augustus Nuwagaba, former prime minister Amama Mbabazi, senior academics and members of the Private Sector Foundation Uganda.
Speaking at the lecture, Atingi-Ego described Mutebile as a strong pillar who played a decisive role in restoring Uganda’s economic and political stability after years of turbulence.
“Mutebile worked tirelessly to introduce key economic policies and frameworks that helped place Uganda on a path to sustainable growth. He was also pivotal in controlling inflation, which at one time posed a significant threat to the country. We shall continue to remember his legacy and allow it to inspire the current generation,” said Atingi-Ego.
He added that Mutebile’s firm belief in macroeconomic stability should guide the central bank’s leadership today.
The Private Sector Foundation Uganda (PSFU), represented by its vice-chairperson Sarah Kagingo, praised Mutebile’s efforts to revive private enterprise during his tenure. She said the late governor played a crucial role in shaping policy reforms that made Uganda a more attractive environment for business.
“He was very passionate about the private sector. He introduced favourable policies and investments that helped businesses to thrive. It is worth celebrating him and ensuring that his legacy remains alive in the eyes of the population,” Kagingo said.
A reformer
Mutebile is widely regarded as one of the architects of Uganda’s modern economy. Before becoming governor, he served as secretary to the treasury and permanent secretary at the Ministry of Finance, where he championed far-reaching reforms that liberalised the economy in the late 1980s and early 1990s.
He played a central role in dismantling price controls, privatising loss-making state enterprises and opening the country to foreign investment. Analysts credit these reforms with helping Uganda recover from years of economic collapse and hyperinflation.
When he became governor in 2001, Mutebile consolidated these gains by strengthening monetary policy, maintaining a tight grip on inflation and building confidence in Uganda’s financial system.
Mutebile died in Januar 2022, at the age of 72. He passed away while receiving treatment at Nairobi Hospital, Kenya, for complications related to diabetes and kidney failure
