African Central Bank governors plan continental apex bank

Central Bank governors in Africa are scheduled to converge on Algiers, the Algerian capital next month to firm up the proposal for the establishment of an African Central Bank (ACB) conceived two years ago.

Chair of the Technical Committee on the development of the draft document for the proposed apex financial institution, Rene N’ Guettia Kouassi, who is also the Director for Economic Affairs Commission of the African Union, said in Abuja on Monday that the draft document would be reviewed in Abuja this week.

Mr. Kouassi said that before the document is adopted, the African Central Bank governors would study it first as a working tool for the creation of the institution, while the adopted document would be admitted to the organs of African Union.

In addition to the creation of the African Central Bank, the AU chief hinted that the continent also planned to have its own African Investment Bank, which would be located in Libya; the African Monetary Fund in Cameroon and the ACB in Nigeria, with final endorsement expected to come from the African Heads of State. 

Noting that the institution of a Common Currency was a symbol of autonomy of Africa, as the African Union (AU) and ACB governors have agreed to get experts to come up with the draft document, Mr. Kouassi stated that endorsement of the draft by the African leaders would translate the long cherished dream for a continental Central Bank and common currency into reality.  

“If all the African Monetary Institutions (AMIs) are accepted by the Assembly of African Central Bank Governors, an organogram will be developed and the financial implications, which will impact on contributions of the member states, will be decided,” he said.

On his part, the Co-Chair of the committee and Director, Governor’s Office Reserve Bank of Malawi, Ralph Tseka, said the creation of the African Central Bank is at the heart of the African common currency and the central bank documents from the joint technical committee was instrumental to the creation of both organs.

The document, he explained, is designed to produce a roadmap for the establishment of ACB, adding that the Abuja meeting would be held to harmonize the five regional blocs of Africa to form the ACB. The document was finalised by experts from both the Francophone and Anglophone countries.

The goal of the technical committee is to look at the draft document and finetune it to get it into the good form that is desired by African countries.”

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