Monday, 22 August 2016

Emefiele Emerges Chairman Of African Central Banks

The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele at the weekend emerged the president of the Association of African Central Banks (AACB) which held its 39th ordinary meeting of the Assembly of Governors in Abuja.

Emefiele who succeeds Governor of the Banque des stats de l’Afrique Centrale (BEAC), Lucas Nchama, will have the governor of the Bank of Ghana as chairman of the West African sub-region; governor of the Central Bank of Mauritania, chairman of the North African sub-region; and the governor of the Bank of Central African States, chairman of the central African sub-region working wi him during his tenure which runs from 2016 to 2017.

Also elected were the governor of Banque de la Republique du Burundi as chairman of East African sub-region and governor of the Central Bank of the Kingdom of Swaziland as chairman of the Southern African sub-region.

The Association of African Central Banks (AACB), which first met from February 15 to 22, 1965 in Addis Ababa, was one of the outcomes of the agreement of the 1963 Summit of African Heads of States and Governments in Addis Ababa, Ethiopia.

The association which has a membership of 40 central banks as at August 17, 2011, is aimed at promoting co-operation in the monetary, banking and financial spheres in the African region, assisting in the formulation of guidelines along which agreements among African countries in the monetary, banking and financial fields shall be reached as well as helping in strengthening all efforts aimed at bringing about and maintaining price stability and financial stability in the region.

The association was also formed to examine the effectiveness of international economic and financial institutions in which African countries have an interest and suggest ways of possible improvement and envisage, following a well-timed and sequenced convergence process, the advent of a single currency and a common central bank in Africa.

Currently, the Association is collaborating with the African Union in formulating and implementing the African Monetary Cooperation Programme (AMCP) as ground work for the establishment of the African Central Bank is ongoing. It is being carried out by the Steering Committee manned by experts from the African Union and the AACB.

The Steering Committee Secretariat is in Abuja, Nigeria. Two other monetary institutions agreed by the AU, the African Monetary Fund and the African Investment Bank, are also being set up in collaboration with the Association.

The objective of a common currency and central bank is expected to be discussed at the 2017 symposium which is themed “Prospects for monetary integration in Africa: Lessons Learned from the Experience of Momentary and Financial Integration of Europe” according to the communique issued at the end of the 2016 symposium held in Abuja with the theme “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa”.

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