The COMESA Monetary Institute (CMI) brought together experts from central banks across the COMESA region in Nairobi from 17 to 19 August 2026 to review progress made under the first stage of the COMESA Macroeconomic Convergence Programme (CMEC). The meeting examined how member countries are advancing towards achieving macroeconomic convergence targets that support regional integration and monetary cooperation.
Opening the meeting, Dr. Lucas Njoroge, Director of the COMESA Monetary Institute, highlighted the importance of assessing achievements and challenges under the programme. He noted that the COMESA Committee of Governors had approved the extension of Stage I by two years to December 2027 to align the programme with the continental African Monetary Cooperation Programme. He further highlighted recent progress in strengthening regional macroeconomic surveillance, including the approval of the COMESA Macroeconomic Convergence Peer Review Mechanism (CMEC-PRM), which aims to enhance accountability, policy coordination and peer learning among member countries. Therefore, he noted, the meeting would evaluate progress made so far, identify lessons learned, address challenges, and help shape the next phase of the programme.
The review found that many COMESA member states have made encouraging progress in maintaining stable economies. Improvements were recorded in controlling inflation, strengthening foreign exchange reserves, and supporting exchange rate stability. Countries have also made efforts to improve public finances following the economic disruptions caused by the COVID-19 pandemic. Despite these achievements, the meeting noted that several challenges remain. Some countries continue to face rising public debt and difficulties in increasing domestic revenue collection. Reducing dependence on central bank financing of government budgets also remains an important area that requires further attention.
The meeting emphasized the need for continued reforms to strengthen public finances, improve revenue collection, maintain stable monetary policies, and support productive investments that contribute to long-term economic growth. They also welcomed the introduction of the COMESA Macroeconomic Convergence Peer Review Mechanism, which will help member states learn from one another and promote greater accountability in economic management.
Distributed by APO Group on behalf of Common Market for Eastern and Southern Africa (COMESA).
