Business
East African central bank governors meet in Kampala
The projection came out of the 29th ordinary meeting of the EAC Monetary Affairs Committee (MAC), held at Serena Kigo Hotel in Kampala. The meeting was chaired by Bank of Uganda Governor Michael Atingi-Ego, the current MAC Chairperson.
L-R: Thugge, Kabura, Atingi-Ego, Abdullahi, Tutuba, Babouth and Kalisa attended the meeting at Serena Kigo in Kampala. (Photo by Ali Twaha)
By: Ali Twaha, Journalist @New Vision
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Governors of the East African Community (EAC) Partner States’ central banks meeting in Kampala have projected that the region’s economy will grow by 5.2% in 2026.
The projected growth will outperform the Sub-Saharan Africa average of 4.3%, even as global risks tied to high oil prices and shipping costs weigh on the wider outlook.
The projection came out of the 29th ordinary meeting of the EAC Monetary Affairs Committee (MAC), held at Serena Kigo Hotel in Kampala. The meeting was chaired by Bank of Uganda Governor Michael Atingi-Ego, the current MAC Chairperson.
The Committee noted that global growth is expected to slow to 3.0% in 2026, down from 3.5% in 2025, on account of the conflict in the Middle East, which has pushed up international oil prices and shipping costs.
The meeting was attended by Governors and senior officials of the EAC Partner States' central banks and the EAC Secretariat. Those present were; Kamau Thugge, Governor of the Central Bank of Kenya, Irene Kabura Murihano, Deputy Governor of the Bank of the Republic of Burundi, Emmanuel Tutuba, Governor of the Bank of Tanzania, Weituy Luony Babouth, Deputy Governor of the Bank of South Sudan, Abdirahman Mohamed Abdullahi, Governor of the Central Bank of Somalia, Thierry Mihigo Kalisa, Chief Economist, representing the Governor of the National Bank of Rwanda and Micheal Atingi-Ego, Governor of the Bank of Uganda.
Bank of Uganda Governor Michael Atingi-Ego, the current EAC Monetary Affairs Committee (MAC) chairperson. (Photo by Ali Twaha)
The Committee noted that global growth is expected to slow to 3.0% in 2026, down from 3.5% in 2025, on account of the conflict in the Middle East, which has pushed up international oil prices and shipping costs.
The meeting was attended by Governors and senior officials of the EAC Partner States' central banks and the EAC Secretariat. Those present were; Kamau Thugge, Governor of the Central Bank of Kenya, Irene Kabura Murihano, Deputy Governor of the Bank of the Republic of Burundi, Emmanuel Tutuba, Governor of the Bank of Tanzania, Weituy Luony Babouth, Deputy Governor of the Bank of South Sudan, Abdirahman Mohamed Abdullahi, Governor of the Central Bank of Somalia, Thierry Mihigo Kalisa, Chief Economist, representing the Governor of the National Bank of Rwanda and Micheal Atingi-Ego, Governor of the Bank of Uganda.
“We should continue to explore innovative ways of strengthening our external and financial buffers. One such avenue is the operationalisation of central bank domestic gold purchase programmes, which can support reserve diversification, strengthen reserve adequacy, and build resilience against global financial market volatility. Sharing experience and best practice in this area offers valuable lessons as we work to build stronger, more durable policy buffers,” Atingi-Ego said.
The meeting reviewed progress on the revised roadmap towards the East Africa Monetary Union (EAMU) and the planned establishment of a single EAC currency by 2031.
The Committee said Partner States' central banks have made headway in modernising and harmonising monetary policy frameworks, strengthening data and risk management systems, enhancing policy coordination through information sharing and joint research, promoting the East African Payment System, and building human capital across central banking functions.
Emmanuel Tutuba, Governor of the Bank of Tanzania. (Photo by Ali Twaha)
The meeting reviewed progress on the revised roadmap towards the East Africa Monetary Union (EAMU) and the planned establishment of a single EAC currency by 2031.
The Committee said Partner States' central banks have made headway in modernising and harmonising monetary policy frameworks, strengthening data and risk management systems, enhancing policy coordination through information sharing and joint research, promoting the East African Payment System, and building human capital across central banking functions.