Association of African Central Banks holds meetings in Senegal

The meeting was chaired by the AACB Chairperson, Governor Buah Saidy of the Central Bank of The Gambia, and attended by the Chairpersons and the Vice Chairs of the five sub-regions of the AACB.

Addison, Governor of Bank of Ghana and Chairman of West African sub-region of the AACB, represented the West African central banks Governors at the Bureau meeting.

The list of decisions of the Assembly of Governors comprised implementation of the African Monetary Cooperation Program (AMCP), report of the Expert Group on the refinement of the Convergence Criteria of the AMCP, and collaboration between the African Union Commission (AUC) and AACB on the establishment process of the African Central Bank (ACB).

The Bureau also discussed activities of the Community of African Banking Supervisors (CABS), reports on integration of African payment systems, and finalized sub-themes for the 2023 Continental Seminar as well as those for the Symposium of Governors.

On Compliance with the AMCP and Establishment of African Central Bank, the West African sub-region performed best compared to the other four sub-regional groups in the key area of harmonization of monetary policy framework.

Following the adoption of the common monetary policy framework, the West African Monetary Agency (WAMA) has been working on developing a strategic and operational framework to guide its implementation and adoption by member States in the sub-region.

The attainment of the convergence criteria of the AMCP is a necessary condition for the establishment of an African Central Bank.

The establishment of the ACB will be preceded by the establishment of the African Monetary Institute (AMI) in Abuja to undertake all the necessary preparations for the establishment of the ACB.

The Bureau directed that the draft Statutes and Structure of the AMI should be submitted to member central banks for their comments before submission to the Specialized Technical Committee (STC) on Justice and Legal Affairs of the AU before submission to the Authority of the Heads of State and Government for their consideration and adoption.

On the subject of the Community of African Banking Supervisors (CABS), the Bureau meeting directed the AACB Secretariat to forward to member Central Banks the harmonized frameworks on Crisis Management and Banking Resolution as well as FinTech Regulation and Supervision, for comments in order for these documents to be finalized.

On the subject of payment systems integration, the Bureau requested the AACB Task Force on integration of African payment systems to continue discussions with Afreximbank on the PAPSS Project in consonance with the vision and strategy of integrating payments systems in Africa before the 2023 Annual Meetings.

On mobile payments integration strategy, the AACB Bureau requested the Working Group to propose principles and vision for integrating mobile payment systems in Africa.

Governor Addison was accompanied to the Bureau meeting by Dr.