The COMESA Committee of Governors of Central Banks has called for collective commitment and effort in deepening regional financial and monetary cooperation amid the ongoing challenging global environment including geopolitical tensions and climate-related shocks.
Chairperson of the COMESA Committee of Governors of Central Banks Dr. George Patridge says Central Banks need to devise policies to address these challenges and cushion impact in the long term. He has underscored the importance of supporting essential institutions such as the COMESA Monetary Institute (CMI) and the COMESA Clearing House (CCH) to achieve monetary integration, and the need to ensure that they are adequately resourced.
Dr Patridge, who is the Governor of the Reserve Bank of Malawi added that deepening regional financial and monetary cooperation is a sure way of protecting the region now and in the future.
He was speaking during an extra-ordinary Meeting of the Bureau of the COMESA Committee of Governors of Central Banks held virtually on 20 March 2026. The meeting mapped out ways to deepen the COMESA monetary and financial integration.
“We need to work collectively and put-up measures that can protect our region. Most of our countries have been recording steadily growth over the years but these gains might be affected by these global tensions and shocks,” Governor Dr. Patridge said.
Secretary General Chileshe Mpundu Kapwepwe commended the Governors for their continued commitment to deepening monetary and financial integration in the region. She highlighted the critical juncture facing the region amidst global economic fragmentation, protectionism, and geopolitical tensions.
“Our region has not been spared from effects of the current geopolitical tensions as we are witnessing a disruption in production and supply chains, which will lead to rising fuel and fertilizer prices,”. She was represented by Assistant Secretary General for Administration and Finance Dr. Dev Haman.
Ms Kapwepwe called for strong, coordinated policy responses and strengthening intra-COMESA trade as a strategic necessity to cushion the region against these effects.
The meeting considered the revisions to the Charters of the CCH and the CMI to modernize and align them with the evolving needs of the region and the provisions of the COMESA Treaty. They also discussed the draft Medium-Term Strategic Plan (2026–2030) for the CCH, that is aimed at providing a clear and forward-looking roadmap for repositioning the CCH as a central pillar of regional financial market infrastructure. Also considered was the proposed COMESA Macroeconomic Convergence Peer Review Mechanism (CMEC-PRM), a critical initiative designed to enhance adherence to agreed upon macroeconomic convergence criteria aimed at promoting policy discipline and accelerating regional economic integration.
The meeting was attended by Governors, Deputy Governors and delegates from the central banks of Uganda (First Vice Chair), Burundi (Second Vice Chair), Zambia (First Rapporteur) and Mauritius (Second Rapporteur).
Prior to this meeting, experts of the Bureau met virtually on 17 – 18 March 2026 and considered various critical issues aimed at modernizing institutional frameworks for the CCH and CMI, enhance regional financial market infrastructure and promote macroeconomic stability.