EAC Central Banks project 5.8 per cent regional economic growth in 2025
The EAC apex banks said that despite the positive growth outlook, downside risks remain, mainly due to global trade tensions, geopolitical concerns and climate change.
Governors and Senior Officials of the EAC Partner State Central Banks, and the EAC Secretariat at the 28th Ordinary Meeting of the East African Community Monetary Affairs Committee held in Mombasa, Kenya. (Courtesy)
Xinhua News Agency
@New Vision
______________
NAIROBI -- Central Banks of the East African Community (EAC) member states on Friday projected regional economic growth at 5.8 per cent in 2025.
Kamau Thugge, governor of the Central Bank of Kenya and chairperson of the EAC Monetary Affairs Committee, said the growth outlook will be supported by continued strong performance in the agriculture and services sectors.
Thugge made the remarks during the 28th ordinary meeting of the EAC Monetary Affairs Committee, which was attended by central bank governors from Burundi, Kenya, Uganda, Tanzania, Somalia, Rwanda and South Sudan.
The EAC apex banks said that despite the positive growth outlook, downside risks remain, mainly due to global trade tensions, geopolitical concerns and climate change.
The governors said that the average inflation rate in the region declined to 9 per cent in 2024 from 11.2 per cent in 2023, which reflects the impact of monetary policy measures, improved food supply due to favourable weather conditions and easing global commodity prices. Inflation is expected to continue moderating across most regional countries in 2025.
Thugge said that economic performance in the EAC region has remained relatively resilient despite global shocks, largely supported by strong performance in the agriculture sector and the resilience of the services, mining and oil sectors.
The meeting reviewed progress made in implementing the revised roadmap toward the realisation of the East Africa Monetary Union by 2031.
Delegations from Uganda and other member states and the EAC Secretariat:
- Dr Adam Mugume, Executive Director, Research and Economic Analysis, representing the Governor of the Bank of Uganda (extreme left).
- Mr Edouard Normand Bigendako, Governor of the Bank of the Republic of Burundi.
- Hon. Soraya Hakuziyaremye, Governor of the National Bank of Rwanda.
- Johnny Ohisa Damian, Governor of the Bank of South Sudan.
- Hon. Emmanuel M. Tutuba, Governor of the Bank of Tanzania.
- Dr Ali Yassin Sheikh, Deputy Governor of the Central Bank of Somalia.
- Ms Annette Mutaawe Ssemuwemba, Deputy Secretary General (Customs, Trade and Monetary Affairs), at the EAC Secretariat.
Absent with apologies: Ms Marie Malangu Kabedi Mbuyi, Governor of the Central Bank of the Democratic Republic of Congo.
Comments
No Comment