African Partners Directory

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Thematics

The Association of African Central Banks (AACB)

est. February 1965

OVERVIEW

The Association of African Central Banks (AACB) was founded following the recommendations of the first Meeting of Governors of African Central Banks held in Addis Ababa from 15 to 22 February 1965. The aim of the association is to promote co-operation in the banking, monetary, and financial spheres in Africa and to assist in the formulation of guidelines by which future agreements between African nations can proceed in these areas. The AACB is instrumental to the regional aim of evolving into a single monetary zone by the year 2021 with a common currency and a common central bank at the continental level. This common Central Bank – The African Central Bank (ACB) will be based in Nigeria.

OBJECTIVES

The objectives of the AACB include:

  • To promote co-operation in the monetary, banking and financial spheres in the African region
  • Assisting in the formulation of guidelines for agreements among African countries in the monetary, banking and financial fields
  • Examining the effectiveness of international economic and financial institutions in which African countries have an interest and suggesting possible improvements
  • Helping in efforts to achieve and maintain price and financial stability in Africa
  • To envisage, following a well-timed and sequenced convergence process, the establishment of a single currency and a common Central Bank in Africa