BoU’s Atingi-Ego calls for stronger COMESA cooperation amid global shocks

KAMPALA, November 20, 2025 — The Bank of Uganda [BoU] Governor and Chairperson of the COMESA Committee of Governors of Central Banks, Michael Atingi-Ego, has called for stronger regional coordination, credible policy frameworks and renewed vigilance as African economies continue to grapple with overlapping global shocks.

Speaking on Thursday during the opening of the COMESA Central Bank Governors’ Symposium at the Lake Victoria Serena Golf Resort & Spa in Kigo, Kampala, Atingi-Ego said the meeting comes at a time when uncertainty has become a defining feature of the global economy.

“Today, we do more than exchange ideas; we reaffirm a shared mission to safeguard stability in a world where uncertainty has become the only certainty,” Anti-Ego said.

He commended participants who travelled from across the continent, saying their presence reflects a collective determination to confront economic turbulence with coordinated action.

“Your presence signals a collective resolve: that in times of turbulence, we do not retreat — we respond, we adapt and we lead,” he said.

The Governor highlighted the themes guiding the symposium, including monetary policy under global shocks, managing commodity booms and busts, and assessing financial sector resilience in the COMESA region. He stressed that these are not abstract policy conversations but urgent priorities shaping the region’s economic future.

He noted that COMESA economies continue to face asymmetric impacts from crises such as the Covid-19 pandemic, geopolitical conflicts, tightening financial conditions and climate-related disasters. These disruptions, he said, have amplified the vulnerabilities of commodity-dependent markets.

“Each shock has tested the resilience of our monetary frameworks,” he said, adding that inflationary pressures transmitted through food and energy prices hit the poorest households hardest.

The Governor warned that when advanced economies tighten monetary policy, African countries often experience immediate capital outflows, exchange rate pressures and rising debt-service costs.

“In such times, central banks must be more than technicians of interest rates, they must be anchors of confidence, stewards of trust and guardians of credibility,” he emphasised.

Atingi-Ego commended COMESA member states for the resolve shown in recent crises. He cited liquidity support during the pandemic, regulatory forbearance, decisive tightening when inflation surged, and cautious interventions to manage exchange-rate volatility.

“The lesson is clear: credibility and clear communication are as vital as the policy rate itself,” he said, urging governments to preserve fiscal discipline and safeguard the independence of central banks.

Atingi-Ego said commodity-price volatility remains a structural challenge for many African economies. He called for stronger monetary frameworks, the accumulation of reserves during booms and the deployment of macroprudential tools to cushion shocks. He also stressed the importance of sovereign wealth funds and fiscal stabilisation mechanisms to prevent procyclical spending during commodity upturns.

Turning to financial-sector stability, the Governor highlighted the need for enhanced early-warning systems, improved liquidity management and stronger coordination between fiscal and financial authorities. He said regional initiatives, including the COMESA Committee of Governors, the African Continental Free Trade Area [AfCFTA] and the Regional Payment and Settlement System — are strengthening the continent’s ability to withstand shocks.

Atingi-Ego also pointed to Uganda’s own progress, noting that the Bank of Uganda has implemented risk-based supervision, regular stress testing and the integration of sustainability into monetary and regulatory policy.

“Despite global fuel-price surges and pandemic aftershocks, our financial sector remained stable, supported by prudent regulation and adequate capitalisation,” he said.

He added that the expansion of mobile money has driven financial inclusion but introduced new risks requiring consistent oversight.

The BoU Governor noted that new technologies such as fintechs, digital currencies and data analytics present both opportunities and vulnerabilities.

“Our role is to create an enabling environment where innovation thrives within a framework of trust, transparency and resilience,” he told participants, urging central banks to adopt forward-looking policies that anticipate crises rather than merely respond to them.

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