Bank of Uganda Governor and Chairperson of the COMESA Committee of Governors of Central Banks, Michael Atingi-Ego has called for stronger regional coordination, credible policy frameworks and renewed vigilance as African economies continue to grapple with overlapping global shocks.

Speaking on Thursday, 20 during the opening of the COMESA Central Bank Governors’ Symposium at Kigo, Atingi-Ego said the meeting comes at a time when uncertainty has become a defining feature of the global economy.

“Today, we do more than exchange ideas; we reaffirm a shared mission to safeguard stability in a world where uncertainty has become the only certainty,” The Governor told delegates gathered on the shores of Lake Victoria.

He commended participants who travelled from across the continent, saying their presence reflects a collective determination to confront economic turbulence with coordinated action.

“Your presence signals a collective resolve: that in times of turbulence, we do not retreat, we respond, we adapt, and we lead,” Atingi-Ego said.

Atingi-Ego highlighted the themes guiding the symposium, including monetary policy under global shocks, managing commodity booms and busts, and assessing financial sector resilience in the COMESA region. He stressed that these are not abstract policy conversations but urgent priorities shaping the region’s economic future.

He noted that COMESA economies continue to face asymmetric impacts from crises such as the Covid-19 pandemic, geopolitical conflicts, tightening financial conditions and climate-related disasters. These disruptions, he said, have amplified the vulnerabilities of commodity-dependent markets.

“Each shock has tested the resilience of our monetary frameworks,”he said.

He added that inflationary pressures transmitted through food and energy prices hit the poorest households hardest.

The Governor warned that when advanced economies tighten monetary policy, African countries often experience immediate capital outflows, exchange rate pressures and rising debt service costs.

“In such times, central banks must be more than technicians of interest rates they must be anchors of confidence, stewards of trust, and guardians of credibility,”he emphasised.

Atingi-Ego commended COMESA member states for the resolve shown in recent crises. He cited liquidity support during the pandemic, regulatory forbearance, decisive tightening when inflation surged, and cautious interventions to manage exchange rate volatility.

“The lesson is clear: credibility and clear communication are as vital as the policy rate itself,”he said, urging governments to preserve fiscal discipline and safeguard the independence of central banks.

Atingi-Ego said commodity price volatility remains a structural challenge for many African economies. He called for stronger monetary frameworks, reserve accumulation during booms and the deployment of macroprudential tools to smooth shocks.

He also stressed the importance of sovereign wealth funds and fiscal stabilisation mechanisms to prevent procyclical spending during commodity upturns.

Turning to financial sector stability, the Governor highlighted the need for enhanced early-warning systems, improved liquidity management and stronger coordination between fiscal and financial authorities.

He said regional initiatives including the COMESA Committee of Governors, the African Continental Free Trade Area (AfCFTA), and the Regional Payment and Settlement System are strengthening the continent’s ability to withstand shocks.

Atingi-Ego also pointed to Uganda’s own progress, noting that the Bank of Uganda has implemented risk-based supervision, regular stress testing and integration of sustainability into monetary and regulatory policy.

“Despite global fuel price surges and pandemic aftershocks, our financial sector remained stable supported by prudent regulation and adequate capitalisation,”

he said.

He added that the expansion of mobile money has driven financial inclusion but introduced new risks requiring consistent oversight.

The Governor noted that new technologies such as FinTech, digital currencies and data analytics present both opportunities and vulnerabilities.

“Our role is to create an enabling environment where innovation thrives within a framework of trust, transparency, and resilience,”

he told participants.

He urged central banks to adopt forward-looking policies that anticipate crises rather than simply respond to them.

Atingi-Ego also thanked the symposium’s guest speakers, Prof. Njuguna Ndung’u and Prof. Victor Murinde, whose insights, he said, would enrich the day’s discussions.

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The Ministry of Works and Transport has announced updates on ongoing maintenance works across several key road networks, following weeks of heavy rainfall that have affected transport and community access in multiple regions. 

The ministry’s station teams have been deployed to grade worn-out sections, clear blocked drainage channels and restore safe travel conditions on gravel roads nationwide.

In its latest update, the Ministry said its emergency maintenance response remains active across districts experiencing flooding and landslides. 

“Nationwide Road Maintenance response: Our station teams are grading roads, reopening clogged drainage channels to ensure safe and reliable travel conditions across gravel roads,” the statement noted.

Works Ministry, Permanent Secretary Bageya Waiswa said the Ministry continues to closely monitor the entire road network, especially areas prone to weather-related damage. 

“With the current heavy rains, our teams will keep monitoring the network and restoring any sections affected by floods or landslides,” Bageya said.

Several key roads have been listed among those currently under maintenance. These include the Adjumani–Simanya Road, where grading works are underway to improve surface conditions; the Bukwiri–Kyankwanzi Road, where teams are restoring failed drainage channels; and the Hamurwa–Karere–Kanungu Road where heavy equipment is already deployed to smoothen deteriorated sections.

In Kigezi sub-region, station teams are working on the Kanyantorogo–Butogota–Buhoma Road, an important route for residents, farmers and tourism operators connecting to Bwindi. 

The Ministry has also confirmed active maintenance on the Ocher–Namasale Road, aimed at improving accessibility for communities that often face isolation during peak rainfall seasons.

The Ministry said the southwestern team in Kabale is making significant progress on multiple routes where road shoulders and surfaces have been severely affected. 

“Our station team in Kabale is carrying out grading works to improve the surface condition and restore smooth, reliable travel for all road users,” the update added.

The ministry reiterated that maintenance operations will continue across the country for the duration of the rainy season, with priority given to routes that support trade, tourism and essential community movement and also emphasised its commitment to ensuring that roads remain open and communities stay connected.

“Keeping roads alive and communities connected!” he rallied.

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