Phil Mnisi: Statement - 44th meeting of the Bureau 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 opening ceremony of
the 44th meeting of the Bureau of the COMESA Committee of Governors of Central
Banks, Ezulwini, 6 November 2024.
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Hon. Chileshe Mpundu Kapwepwe, Secretary General of COMESA
Distinguished Governors
Distinguished Delegates
Ladies and Gentlemen
It is my great pleasure to welcome you all to the beautiful Kingdom of Eswatini, a land
of rich cultural heritage. I hope you have been well-received and have settled
comfortably in preparation for our meeting. I encourage you to explore our stunning
landscapes, vibrant communities, and historical sites that embody the spirit of our
nation. I extend my gratitude to the Bureau's Experts for their invaluable work in the
lead-up to today's meeting.
Today, we gather here not only to consider the performance and financials of our two
institutions; the COMESA Monetary Institute (CMI) and the COMESA Clearing House
(CCH), but also to reaffirm our commitment to the COMESA regional integration
agenda. This agenda is crucial in fostering economic growth and stability across our
member states, and one of the key pillars in achieving this is through financial and
monetary cooperation.
Distinguished Governors
Distinguished Delegates
Central banks play a crucial role in this integration process. Economic convergence,
policy coordination and central bank independence are topical issues that are already
receiving our attention in our various countries as part of the goals towards a Monetary
Union. As Central Banks, we have our work cutting across inflation control, fiscal
discipline and debt management among others, in ensuring that we have sound
monetary and fiscal policies.
We have our institution, the COMESA Monetary Institute, whose overall objective is to
undertake all the technical, policy, statistical, institutional and legal preparatory work.
The ultimate goal is that this work culminates into the COMESA Monetary Union. The
institution has been carrying demand driven capacity building for Central Banks,
research activities and workshops for the improvement of macroeconomic management
and financial system stability.
The journey towards harmonizing monetary policies and fostering collaboration is a long
one and if we achieve it, we can create a more resilient financial ecosystem that
benefits all member states. Our collective efforts in monetary and fiscal policies, along
with training and capacity building, are essential in equipping our institutions to meet the
challenges of a rapidly changing economic landscape.
As we navigate this evolving landscape, we must also address the changing payments
environment. Central Banks' role in regional integration is evident in the efforts on trade
facilitation through payment system modernization and financial inclusion tailored to our
economic realities. The enhancements in cross-border payments are not just a
necessity but an opportunity for us to streamline transactions and improve efficiency.
CCH's mandate is to facilitate the settlement of trade and services payments amongst
Member States.
The Regional Payments and Settlement System (REPSS) stands as a testament to our
commitment to this cause. We currently have 9 Central Banks that are live on REPSS,
and it is crucial that all our Central Banks use this platform to maximize its benefits and
make it possible to open more trade markets within our region.
Distinguished Governors
Distinguished Delegates
I am excited to share that we are on the verge of a significant upgrade to REPSS,
including the mandatory migration to ISO 20022. I would like to extend my heartfelt
gratitude to the Governors of Central Banks for their unwavering support in approving
the funding for this crucial initiative. It is expected that an upgraded system will enable
interoperability with other regional payment systems and bring much needed
enhancements to REPSS
Interoperability is a key theme that has been emphasized at the level of the African
Association of Central Banks as the continent seeks to make efficient use of existing
payment channels and rails for cross border payments.
This will not only enhance our regional payment systems by ensuring seamless and
effective communication, but it will also foster greater trust and collaboration among our
member states. The issue of utilization of national currencies in our cross-border
payments and settlement has become urgent and CCH is exploring ways to pursue this
option.
Our meeting today will look into the activities of CMI and CCH as well as consider their
financials and budgets for 2025. These institutions rely on us, and I urge all of us, as
Central Banks, to support them even as we navigate the complexities of global financial
systems and strive to support economic stability and growth.
As we look to the future, we must remain hopeful and pro active in our approach to
digitization and cybersecurity. The advancements in technology present us with
unprecedented opportunities to enhance our financial systems, but they also come with
challenges that we must address collectively. By working together, we can create a
secure and efficient financial environment that supports our regional integration goals.
Distinguished Governors
Deputy Governors
Distinguished Delegates
In conclusion, I would like to once again extend a warm welcome to all of you. Let us
embrace this opportunity to collaborate, share knowledge, and strengthen our bonds as
we work towards a brighter future for our region.
I thank you all!