Senegal: AACB members meet in Dakar to discuss the establishment of an African Central Bank

Mar 03, 2014

The Office of the Association of African Central Banks (AACB) met last Wednesday in Dakar to change the validation study on the strategy of creating the African Central Bank (ACB).

The Office of the Association of African Central Banks (AACB) met last Wednesday in Dakar to change the validation study on the strategy of creating the African Central Bank (ACB).

AACB's executive secretary Samuel Meango explained that the meeting focused on areas such as
the progress
made towards continental monetary integration and the implementation of the Community of African banking supervisors, who are prerequisite to the creation of the ACB, Sud Quotidien reports.

The Director of the Department of Economic Affairs of the Commission of the African Union (AU), René Kouassi, has meanwhile reiterated the benefits of such a bank, which will facilitate the creation of a common currency and a common African market with free movement of goods and services, labour and capital, infrastructure development and African financial markets.

He added that these objectives are at "the heart of the 2063 financial year prospective analysis of Africa 2063 the AU has undertaken in partnership
with the United Nations Commission for Africa and the African Development Bank (AfDB) to define a strategy of deep transformation of African economies."

He believes it is now time for Africa to rely on "the unfailing support of the African financial system," because the profound transformation of Africa "cannot be achieved without the constant support of its financial system within which central banks occupy a prominent place".ADNFCR-2976-ID-801699534-ADNFCR