The Governor of the Bank of Tanzania (BoT), Mr. Emmanuel Tutuba, has emphasized the need for cooperation between Europe and Africa central banks in tackling global economic challenges.
He made these remarks on January 29, 2025, during the opening of the 5th Program Steering Committee Meeting of the European System of Central Banks and African Central Banks in Zanzibar.
The meeting, which brings together central banks from 26 African and European nations, focuses on addressing various global economic challenges.
Governor Tutuba stated that the initiative equipped Central Banks with tools and knowledge needed to address emerging challenges, foster good governance, and promote financial inclusion as an essential driver of inclusive growth and social progress.
"Here in Zanzibar, we have participants from 26 nations who are collectively discussing various issues contributing to global economic challenges. Therefore, this meeting is a great opportunity to share experiences to strengthen our economies," he said.
Some of the participants come from countries such as Italy, France, Switzerland, Ghana, Mozambique, and other nations that are performing well in different economic sectors.
He further noted that the meeting would evaluate the progress of the program over the past year, with the aim of improving the preparation for similar programs in future.
"It would be beneficial if collaborative efforts like these continue to address economic challenges, as the world is interconnected, and some challenges are beyond the capacity of individual banks," he said.
He gave the example of climate change, stating that it cannot be addressed without cooperation because it is beyond the capacity of individual institutions.
The two-day international meeting is taking place at the Bank of Tanzania’s Zanzibar office and is expected to conclude on January 30, 2025.