The Governor of the Bank of Namibia, Ebson Uanguta, last week discussed Namibia’s preparations for commercial oil production. Although the latest dates for the country’s expected oil production are in 2029 or 2030, the central bank has already engaged African central banks on the subject during a series of strategic engagements.
The central bank discussions focused on monetary policy, financial stability, reserve management and governance issues linked to the oil sector as Namibia prepares for imminent oil production and the evolving global economy.
Uanguta’s regional engagements formed part of the Bank of Namibia’s efforts to strengthen cooperation, improve institutional learning and deepen collaboration with other African central banks.
“Central banks today are operating in an environment shaped by rapid technological change, shifting geopolitical dynamics, climate-related risks and evolving financial systems. In this context, institutions cannot afford to operate in isolation. These engagements provided an important opportunity to exchange practical experiences, deepen technical collaboration and strengthen institutional networks that will support more responsive, resilient and forward-looking policymaking across the continent,” she said.
The Namibian delegation held meetings with the National Bank of Rwanda, the Bank of Uganda and the Central Bank of Kenya. In Uganda, the delegation also met officials from the Petroleum Authority of Uganda to gain insight into the country’s oil and gas governance systems and sector developments ahead of Uganda’s planned commercial oil production. During the Uganda engagement, the delegation was received by Bank of Uganda governor Michael Atingi-Ego and deputy governor Augustus Nuwagaba.
In Kigali, Namibia and Rwanda signed a Memorandum of Understanding aimed at strengthening cooperation in economic research, financial inclusion, digital transformation, innovation and capacity development.
The regional engagements ended in Nairobi, where Namibia and Kenya also signed a cooperation agreement focusing on banking supervision, research, innovation and financial stability. Uanguta said central banks across the continent need to work together to respond to rapid technological and economic changes.
Speaking during the engagement, Central Bank of Kenya in Nairobi governor, Kamau Thugge welcomed closer cooperation between the two institutions and highlighted several areas of mutual learning, including fast payment systems, monetary operations, virtual asset regulation, reserve diversification strategies involving gold accumulation, retail bonds, capital market infrastructure, and joint research initiatives. Collectively, the regional engagements reinforced the Bank of Namibia’s commitment to strengthening Pan-African central banking cooperation, accelerating institutional learning, and building the technical capacity required to navigate an increasingly complex and rapidly evolving global economic environment.