Bank of Uganda Governor and Chairman of the Comesa Committee of Governors of Central Banks, Dr Michael Atingi-Ego, has urged regional central banks to rise boldly to the economic challenges posed by an increasingly volatile global environment.
Speaking at the opening of the COMESA Central Bank Governors’ Symposium 2025 in Kampala, Atingi-Ego emphasized that central banks must serve as anchors of stability, promoting foresight, resilience, and cooperation as uncertainty becomes the new norm.
Highlighting Uganda’s experience with disciplined inflation targeting, assertive tightening during price surges, and robust protection of the shilling, Atingi-Ego framed these practices as examples for regional counterparts.
“The compounding pressures from the COVID-19 pandemic, geopolitical tensions, tightening global financial conditions, and climate threats have tested our monetary frameworks, widened vulnerabilities, and magnified exposure to volatile commodity cycles,” he said.
Atingi-Ego stressed that modern monetary policy must be multidimensional, requiring coordination, technological adaptation, and credibility.
He urged central banks to prepare for crises before they emerge and to leverage innovation—including fintech, digital currencies, and advanced data analytics—while effectively managing associated risks.
“Let us ensure our monetary policies not only respond to crises but anticipate them,” he said. “We must transform commodity cycles into opportunities for structural progress.”
During discussions, fellow governors highlighted the risks posed by global shocks and climate-related disasters, noting the importance of early warning systems, enhanced liquidity frameworks, and strong alignment between fiscal and financial stability policies.
Dr Atingi-Ego’s address positioned Comesa central banks at the forefront of proactive, innovative, and coordinated responses, aiming to strengthen regional economic resilience in an era of persistent global turbulence.
