The Bank of Namibia hosted a high-level meeting of the Common Monetary Area (CMA) Central Bank governors in Windhoek on 15 November 2024. 

The meeting was hosted by Bank of Namibia governor Johannes !Gawaxab. 

It brought together South African Reserve Bank governor Lesetja Kganyago, Central Bank of Lesotho governor Emmanuel Letete and Central Bank of Eswatini governor Phil Mnisi.  On the margins of the meeting, the governors paid a courtesy visit to Prime Minister Saara Kuugongelwa-Amadhila. 

The quarterly meeting served as a platform to address pressing regional and global economic issues to reinforce collaboration within the CMA. The governors, accompanied by a technical delegation, discussed initiatives to strengthen economic resilience and enhance cross-border payment system integration to address existing frictions that impact the speed, cost and customer experience, while ensuring cross-border payment integrity.

 In this regard, international development partners such as the International Monetary Fund (IMF) and World Bank, are being engaged for support and technical assistance to address these areas of friction. 

A key focus of the discussions was the integration of cross-border payment systems, aimed at reducing frictions currently hindering speed, increasing costs and diminishing the customer experience. 

The governors emphasised the need for equitable and inclusive access to ensure all stakeholders benefit from seamless cross-border payment capabilities. 

This includes harmonised regulatory frameworks’ streamlining to balance efficiency and integrity. Moreover, it includes public collaboration with international development partners, such as the IMF and the World Bank, for technical assistance and support to address persistent payment system challenges. 

The agenda included critical economic topics, reflecting the CMA’s forward-looking approach.  This comprised crisis management frameworks that strengthen preparedness for economic and financial crises across member states, Central Bank Digital Currencies (CBDCs), and evaluating their potential and implications for the region, as well as updates on deposit insurance schemes and exchange controls to safeguard financial stability and transparency.  The CMA is actively pursuing international recognition of its regulatory environment to reduce compliance burdens without compromising standards. 

This effort aligns with a broader objective of fortifying regional economic resilience, while attracting greater international engagement. 

Last week’s strategic meeting laid the groundwork for advancing the CMA’s shared vision of a stable and prosperous sub-region. 

“Through collaborative initiatives and shared expertise, the CMA continues to champion innovation and resilience to ensure its economic architecture supports sustainable development. Looking ahead, the governors reaffirmed their commitment to leveraging collective strengths to address emerging challenges, enhance regional integration, and drive economic transformation,” reads a central bank statement. 

The next meeting will be hosted by the Central Bank of Eswatini in March 2025.