By Sizwe Dlamini
The Central Bank of Eswatini (CBE) is set to host the COMESA Committee of Central Banks Governors (CCBG) Meetings from November 2 to November 8, 2024, at its complex in Ezulwini.
The CBE will host the meetings because of its role as Chair of the COMESA CCBG.
This gathering promises to be a pivotal event for the 21 member states of the Common Market for Eastern and Southern Africa (COMESA), aimed at fostering regional integration through trade and investment.
During a media briefing at the CBE’s conference room, Governor Dr. Phil Mnisi outlined the agenda for the upcoming meetings.
The initial phase will involve an ‘Experts of the Bureau Meeting’ on November 2 and 3, followed by a comprehensive gathering for all COMESA Central Banks on November 4 and 5.
The meetings will culminate with the 28th CCBG Meeting on November 8, featuring a Symposium on November 7 that will delve into pressing topics such as Digital Banking, Cyber Security, and the application of Big Data in monetary policy.
Dr. Mnisi emphasized the significance of two key institutions under the supervision of the COMESA CCBG: the COMESA Monetary Institute (CMI) and the COMESA Clearing House.
The CMI is responsible for conducting technical, policy, statistical, institutional, and legal preparatory work to establish the COMESA Monetary Union, with the primary goal of maintaining macroeconomic stability across member countries. In contrast, the COMESA Clearing House facilitates the settlement of cross-border trade and services, enabling the use of local currencies for intra-COMESA transactions.
The Governor explained the structured schedule of the meetings, noting that the Bureau consists of five member central banks, elected annually, with the chairmanship rotating among them. The Bureau provides essential guidance on COMESA issues and reports directly to the CCBG.
Following the Bureau Meeting, the expert meeting for all COMESA central banks will review the issues discussed in the Bureau and endorse recommendations for the CCBG. On November 6, the Bureau will reconvene to consider the experts’ report, which will be presented and officially endorsed during the 28th CCBG Meeting on November 8.
The symposium, scheduled for November 7, will focus on two critical thematic areas: “Digital Banking and the Impact of Cyber Security and Other Emerging Risks to Central Banks in the COMESA Region,” and “The Era of Using Big Data and Machine Learning in Central Banks and Financial Institutions: Implications for Monetary Policy.”
The Minister of Finance, Neal Rijkenberg will officially open the symposium, with keynote speakers including Ms. Audry Mnisi from the Ghana Association of Banks and Prof. Victor Murinde, Executive Director of the African Economic Research Consortium. The discussions will also feature a panel of selected Central Bank Governors, contributing to the discourse on these vital issues.