Phil Mnisi: Statement - 28th meeting of the COMESA Committee of
Governors of Central Banks
Statement by Mr Phil Mnisi, Governor of the Central Bank of Eswatini and Chairman of
the COMESA Committee of Governors of Central Banks, at the official opening of the
28th Meeting of the COMESA Committee of Governors of Central Banks, Ezulwini, 8
November 2024.
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Honorable Secretary General of COMESA
Governors of Central Banks from COMESA Member States
Distinguished Delegates
Invited Guests
Ladies and Gentlemen, Good morning!
It is my pleasure and great privilege to address this distinguished gathering of the
28thMeeting of the COMESA Committee of Governors of Central Banks. Let me begin
by thanking you, Excellencies, Honorable Governors and distinguished colleagues for
finding time from your busy schedules to come to Ezulwini, Eswatini for this meeting.
Honorable Governors and distinguished colleagues, allow me to welcome you and your
delegations to this meeting. Your presence, certainly, in this meeting, is a sure
testimony of our commitment and resolve towards deeper Monetary and Financial
Integration for the COMESA region.
Honorable Secretary General
Distinguished Governors
Ladies and Gentlemen
Our meeting is once again coming at a time when our region is faced with considerable
macroeconomic policy challenges. Despite the strides we are making in recovery from
the recent cascading series of shocks, new challenges continue to emerge such as the
funding squeeze driven by limited access to external financing on account of the
challenging external financing conditions; escalating geo-political tensions; increasing
vulnerabilities to global external shocks; and frequent climate change events, among
others.
Fundamentally, these are resulting in dwindling reserves, a significant accumulation of
external debt and rising debt servicing costs. There has been a sharp rise in import bills
of goods and services, a persistent drop in capital flows and significant pressures on
the exchange rate and inflation. At the same time, output levels remain depressed, and
unemployment elevated.
Distinguished Governors, our role is striking a balance between containing the ongoing
inflationary pressures and supporting the still-fragile recovery. Simultaneously, we must
safeguard debt sustainability and manage exchange rate volatilities in responseto
tightening global financial conditions. Therefore, I cannot overemphasize the need for
all of us to devise appropriate policies to address these challenges.
Honorable Secretary General
Distinguished Governors
Ladies and Gentlemen
I am glad that during the symposium we had yesterday, we discussed some of the
policies that we could pursue as central banks, along with all government institutions.
Particularly, the issue of developing an ecosystem that fosters the development of
digitalization whilst ensuring that everyone is cyber-safe. We also discussed strategies
to leverage on BigData and Machine Learning in central banking. Fellow Governors,
this knowledge exchange from the symposium supports our commitment and effort to
accelerate our Monetary and Financial Integration Agendaand safeguard gains we have
made as a region.
Honorable Secretary General
Distinguished Governors
Ladies and Gentlemen
Let me turn to our business for today and begin by thanking our two institutions; the
COMESA Monetary Institute (CMI) and COMESA Clearing House (CCH), for their work
that keeps our monetary and financial integration agenda on course. Our agenda of
pursuing deeper monetary and financial integration requires establishing
macroeconomicstability, financial system soundness and ensuring compliance with
various international standards and practices in the financial sector. These will
collectively support regional harmonization in pursuit ofRegional Monetary and
Financial Integration.The role ofcentral banks in this process cannot be
overemphasized. Central banks are pivotal to monetary cooperation which, involves
macroeconomic convergence and financial system development and stability.
As will be presented in this meeting, CMI has accomplished many activities, including
assessments of macroeconomic convergence and financial systems development and
stability in member countries. In addition, the CMI undertook capacity building trainings
and research in the region.
Honorable Secretary General
Distinguished Governors
Ladies and Gentlemen
On the agenda for this meeting, we will consider the report of the 28thMeeting of the
COMESA Committee of Experts on Finance and Monetary Affairs. We will also consider
the agenda item on the status of implementation of Regional Payment and Settlement
System (REPSS). I note that while several countries in the region are active in the
implementation of the REPSS, I take this opportunity to urge you, Honourable
Governors, to ensure full utilisation of the system for seamless intra-COMESA
transactions. On the same note, I cannot fail to thank you, Honourable Governors for
the unwavering support towards the REPSS upgrade and migration to ISO 20022,
being undertaken by CCH.
We will also consider the agenda item on several activities undertaken by the CMI for
enhancing monetary cooperation in our region. In addition, the capacity building
activities organised by CMI enabled member central banks to improve their skills toolkit
for better macroeconomic management and assessment of financial stability. It also
enhanced the successful achievements of agreed targets of the COMESA
Macroeconomic Convergence Criteria and contributed to knowledge sharing and
networking among COMESA member central banks. We will also receive and consider
a progress report on the preparation of the COMESA Financial Stability Report for 2023.
I am aware that this meeting will consider other important issues. However, I chose to
highlight the most critical issues because I feel that they should be implemented with
urgency to facilitate our monetary and financial integration arrangement.
Honorable Secretary General
Distinguished Governors
Ladies and Gentlemen
All these achievements could not be possible without your support. You have continued
to ensure that the two institutions achieve their missions and visions, which among
others, is to make our region a zone of macroeconomic and financial stability, a
necessary foundation for sustainable economic growthand development. Of course, not
to forget the support you have personally given to me as Chairman of the COMESA
Committee of Governors of Central Banks.
Lastly, after the job is done, I urge you to find some time to sample the hospitality that
our great Kingdom of Eswatini has on offer by visiting some of our tourist sites. I assure
you that it will be worth the experience.
With these remarks, I look forward to fruitful deliberations and solid proposals that will
further deepen COMESA monetary and Financial Integration.
I Thank you all for your Attention!