LUSAKA, Zambia — August 25, 2026 — The Common Market for Eastern and Southern Africa (COMESA) is assessing progress toward greater economic coordination after regional central bank experts completed a review of member states’ performance under the Macroeconomic Convergence Programme.
The review identified progress in several important areas, including inflation management, foreign-exchange reserves and exchange-rate stability. However, challenges remain, particularly around public debt and domestic revenue mobilization.
Macroeconomic convergence is an important part of regional integration because countries attempting to build a more closely connected market need a degree of economic stability. Large differences in inflation, debt levels, exchange rates and government finances can complicate regional trade, investment and longer-term monetary cooperation.
COMESA is also developing its peer-review mechanism, which is intended to strengthen economic-policy coordination among member states. Such a system can allow countries to compare performance, identify weaknesses and learn from policies being implemented elsewhere in the region.
The findings demonstrate that regional economic integration involves more than removing tariffs and expanding cross-border commerce. Governments must also manage their economies in ways that support confidence and stability across the wider regional market.
Public debt remains particularly important. High debt burdens can limit governments’ ability to invest in infrastructure and other development priorities, while weak domestic revenue collection can increase dependence on borrowing and external financing.
At the same time, progress on inflation and exchange-rate stability can create a more predictable environment for businesses trading and investing across borders.
For COMESA, stronger macroeconomic coordination could help support the organization’s wider objective of creating a more integrated market across Eastern and Southern Africa while complementing the continental ambitions of the African Continental Free Trade Area (AfCFTA).
The review ultimately highlights a fundamental principle of African integration: countries cannot fully integrate their markets without also paying attention to the economic policies supporting those markets.
As COMESA strengthens its peer-review process, the challenge will be turning regional monitoring into practical policy improvements that promote stability, investment and deeper economic integration across its member states.