from MARIA MACHARIA in Nairobi, Kenya
Kenya Bureau
NAIROBI, (CAJ News) – THE Common Market for Eastern and Southern Africa (COMESA) is stepping up efforts to create a more stable, integrated and competitive regional economy, with experts meeting in Nairobi to assess progress towards closer economic and monetary cooperation.
Central bank experts from across COMESA met in Nairobi from August 17 to 19 under the Macroeconomic Convergence Programme, examining progress on inflation, foreign-exchange reserves, exchange-rate stability and public finances.
The meeting found encouraging improvements, but warned that high public debt and weak domestic revenue mobilisation remain significant obstacles.
The programme is designed to bring member economies closer together by encouraging countries to pursue compatible economic policies.
Its ultimate ambition includes deeper monetary cooperation, with COMESA working towards a monetary union, common central bank and common currency.
A major announcement from the Nairobi meeting was the extension of Stage I of the convergence programme to December 2027.
The COMESA Committee of Governors approved the extension to align the regional process with the continental African Monetary Cooperation Programme.
Another important development was approval of the COMESA Macroeconomic Convergence Peer Review Mechanism (CMEC-PRM), which will promote accountability, policy coordination and peer learning among member states.
For businesses, the implications could be substantial.
Greater economic stability would make it easier for companies to plan investments, manage currency risks and expand across borders.
More predictable economic policies could also attract additional domestic and international investment, while deeper integration would enlarge markets for African manufacturers, farmers, technology companies and service providers.
For ordinary Africans, stronger economic coordination could ultimately mean more employment, lower transaction costs and greater access to goods and services.
If monetary integration eventually succeeds, businesses and consumers could also benefit from reduced currency-conversion costs and fewer barriers to cross-border trade.
The Nairobi meeting comes as COMESA pursues a broader transformation of the region.
The organisation represents 21 countries and more than 600 million people, making it one of Africa’s largest regional markets.
COMESA is simultaneously developing regional strategies for artificial intelligence and digital inclusion, aimed at expanding affordable connectivity, digital skills and responsible AI applications in sectors including agriculture, healthcare and education.
If implemented effectively, these initiatives could help create a more connected Eastern and Southern Africa, where capital, technology, goods, services and skills move more efficiently across borders.
However, COMESA faces a difficult task.
Previous assessments found that member states had struggled to meet all convergence targets consistently, particularly on fiscal indicators.
The Nairobi meeting therefore sends a clear message: regional integration will require sustained reforms, disciplined public finances and stronger cooperation.
If governments can turn these commitments into action, COMESA could evolve into a more unified economic powerhouse, giving African businesses a larger market and millions of citizens greater opportunities to trade, work, invest and prosper across borders.
– CAJ News