Central Bank Governors from the Common Market for Eastern and Southern Africa (COMESA) have warned that global shocks are exposing the fragility of the region’s economy, urging stronger intra-regional trade and co-ordinated financial systems to turn volatility into opportunity.

Despite overall trade challenges, COMESA has maintained steady intra-regional exports of about $14 billion in 2022 and 2023. With the region’s annual export potential estimated at $101.1 billion, and intra-COMESA trade accounting for only 6% of total trade, Governors highlighted the untapped opportunities for deeper integration and economic resilience.

Speaking at the 2025 COMESA Central Bank Governors Symposium in Kampala, Uganda recently, participants stressed the importance of enhancing regional sourcing, tackling production constraints, and improving market information. Proposals included a regional trade information system and product catalogue to streamline the movement of goods across borders.

The African Continental Free Trade Area was cited as a critical enabler, enlarging markets, encouraging cross-border investment, and supporting industrial and services trade while serving as a buffer against global economic turbulence.

“We as central banks play a pivotal role. Traditionally tasked with price stability, today we are architects of financial ecosystems. Stable, well-regulated financial systems, including credit, trade finance, and cross-border payments, are essential to sustaining intra-COMESA trade and investment flows,” the Governors said.

Panel discussions at the Symposium focused on “Central Banking and Global Shocks” and “Assessing Financial Sector Stability and Resilience to Exogenous Shocks in the COMESA Region.” The event was officially opened by Dr Michael Atingi-Ego, Governor of the Bank of Uganda and Chairperson of the COMESA Committee of Central Bank Governors, alongside Dr Dev Haman, Assistant Secretary General for Administration and Finance at the COMESA Secretariat.

–ChannelAfrica/COMESA–