Kampala, Uganda — 20 November 2025.
Global economic shocks are tightening supply chains and triggering volatile commodity prices, exposing the fragility of the world economy—and COMESA is no exception. As a resource-rich region heavily reliant on exports, the ripple effects are significant. Yet, amid the turbulence, a message of resilience rang clear at the 2025 COMESA Central Bank Governors Symposium: deeper regional integration holds the key to turning volatility into strength.
Despite a dip in global trade flows, COMESA has shown steady performance. Intra-COMESA exports held firm at about US$14 billion in both 2022 and 2023, signalling strong regional ties and a foundation capable of supporting growth. Still, with the region’s export potential estimated at US$101.1 billion annually, intra-regional trade accounts for only 6% of total trade—revealing vast untapped opportunity.
At the Symposium, held in Kampala on Thursday, Governors and delegates agreed that unlocking this potential demands coordinated action. Strengthening regional sourcing, easing production constraints and improving market information were highlighted as critical steps. Proposals included developing a regional trade information system and a comprehensive product catalogue to streamline the movement of quality goods across borders. Tailor-made production lines, aligned to Member States’ specific demand, were also identified as catalysts for industrial expansion.
Beyond traditional trade, the African Continental Free Trade Area (AfCFTA) was hailed as a transformative force. Governors noted its capacity to widen markets, attract cross-border investment, stimulate services trade and serve as a buffer against global disruptions. Stronger and more integrated regional markets, they emphasized, naturally attract investment and reinforce industrial development.
Central banks, the Governors stressed, must take a leading role.
“Traditionally tasked with price stability, today we are architects of financial ecosystems,” they said. Stable, well-regulated structures—covering credit, trade finance and cross-border payments—are vital to sustaining intra-COMESA trade and investment flows. When banks and capital markets operate efficiently, SMEs, small traders and exporters gain access to finance and opportunities, boosting competitiveness across the region.
The consensus was clear: a resilient COMESA depends on sound macroeconomic policy, vibrant intra-regional trade and empowered financial institutions. With decisive action, central banks can anchor a more connected, prosperous and self-reliant regional economy.
The Symposium featured two high-level panel discussions:
- “Central Banking and Global Shocks: Conduct of Monetary Policy in Times of Crisis and Positioning Monetary Policy for Dealing with Commodity Booms and Busts.”
- “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 Central 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.
