Bank of Uganda Hosts Namibia’s Central Bank Governor to Deepen Cooperation on Monetary Policy and Oil Governance

Kampala – The Bank of Uganda (BOU) on Wednesday hosted the Governor of the Bank of Namibia, Mr. Ebson Uanguta, and a high-level delegation for strategic engagements aimed at strengthening bilateral cooperation between the two central banks.

According to BOU, the visit reaffirmed the longstanding relationship between the institutions, anchored on an existing Memorandum of Understanding (MoU) that guides collaboration in key areas of central banking.

Discussions focused on matters of mutual interest, including monetary policy formulation, research collaboration, digital payment systems and their regulation, prudential supervision, as well as the macroeconomic and financial implications of oil and gas sector developments.

The engagement comes at a critical time for both countries. Uganda is preparing for its first commercial oil production, while Namibia is increasingly emerging as one of Africa’s promising new oil and gas frontiers. Against this backdrop, the two central banks exchanged experiences and perspectives on managing resource revenues, mitigating risks linked to energy-sector financing, and establishing sound governance frameworks for sovereign wealth funds.

BOU Governor Michael Atingi-Ego, together with the Deputy Governor and technical teams, hosted a series of presentations and roundtable discussions designed to promote peer learning and institutional alignment.

Officials emphasized the importance of central banks supporting national development priorities while at the same time safeguarding macroeconomic stability in the face of potential resource windfalls.

Photos shared by BOU captured warm bilateral exchanges, including a symbolic handshake between the two governors, working sessions involving senior technical officials, and a group photo taken at the Bank of Uganda headquarters.

For Uganda, the timing of the engagement is particularly significant. As the country edges closer to oil production, lessons from Namibia’s experience — and vice versa — could prove vital in avoiding challenges commonly associated with resource-rich economies, such as the “resource curse,” Dutch disease, and governance weaknesses in sovereign wealth management.

Analysts note that effective coordination between central banks on oil revenue management can enhance transparency, strengthen investor confidence, and ensure that natural resource wealth contributes to sustainable socio-economic transformation.

The collaboration also reflects broader African efforts to strengthen South-South cooperation in building resilient financial systems. With both countries navigating global economic uncertainties, including inflationary pressures and climate-related challenges affecting energy transitions, continued policy dialogue and joint research may offer practical solutions tailored to emerging resource-rich economies.

Watchdog Uganda will continue monitoring how these bilateral engagements translate into tangible policy outcomes, particularly in relation to transparency in oil revenue management and protection of public interest. As Uganda moves closer to first oil, partnerships such as this could become an important model for prudent resource governance across the continent.

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