African financial institutions propose creation of African Central Bank

A meeting has taken place of ministers for Finance, Economic Planning and Integration and the Governors of the African Union (AU) Central Banks, who took part in Yaunde, Cameroon, in the AU Technical Committee Specialising in Finance, Monetary Affairs, Economic Planning and Integration.

During the meeting they ordered the African Union Commission to develop a strategy to accelerate the signing and ratification of legal instruments for African financial institutions that, in collaboration with the Association of African Central banks (AACB), will work with the African Central Bank in its refinement.

They backed the report on the African Monetary Cooperation Programme (AMCP) – Convergence criteria and refinement of the convergence criteria and the time frame for its establishment, agreeing that the AACB convergence programme is aligned with that of the REC, including the GDP per capita.

Also on the agenda was the role that the capital markets must play in the mobilisation of national resources in Africa, in collaboration with the African Securities Exchanges Association (ASEA), in order to raise awareness and promote the development of a Pan-African Securities Exchange and the creation of international agencies for credit rating.

Source: Equatorial Guinea Press and Information Office

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