East Africa Must Embrace AI, Strengthen Markets Amid Global Uncertainty

East African central banks must adopt artificial intelligence and strengthen financial markets to cushion their economies against global shocks, according to Bank of Uganda Governor Michael Atingi-Ego. Speaking at the 29th Ordinary Meeting of the East African Community (EAC) Monetary Affairs Committee in Kampala, he warned that geopolitical tensions and global economic uncertainty were testing the region's path towards a single currency.

Atingi-Ego noted that artificial intelligence is transforming monetary policy, financial supervision, and payment systems. He urged partner states to develop a common regional strategy on AI, saying it was essential for capturing benefits and closing regulatory loopholes.

The governor also emphasized the importance of diversifying foreign exchange reserves through domestic gold purchases. He called for deeper regional financial markets and closer coordination between fiscal and monetary authorities as public debt rises.

East Africa is one of Africa's fastest-growing regions, with EAC economies estimated to have expanded by 5.3% in 2025 and projected to grow by 5.4% in 2026 and 5.6% in 2027, according to the International Monetary Fund's April 2026 Regional Economic Outlook.