African Central Bank proposals nearly ready

Jul 24, 2012

Proposals regarding the creation of an African Central Bank will be finished shortly, a financial official has confirmed.

Proposals regarding the creation of an African Central Bank will be finished shortly, a financial official has confirmed.

According to Dr Rene N'Guettia Rouassi of the African Union, a draft document is currently being drawn up and is close to completion, the Daily Trust reports.

This will then be presented to the governors of existing central banks in Africa and they will then decide whether to accept it or not.

Their approval would then clear the way for the creation of the African Central Bank - an idea that has been under consideration in the continent for more than two decades.

Dr Rouassi, chairman of a committee regarding the establishment of the financial institution, admitted talks on the project have not been easy.

However, he confirmed "we are very close to the goal".

The draft document is expected to be handed over next month at a meeting of the governors in Algeria.ADNFCR-2976-ID-801414307-ADNFCR