PLANS are at the end stage for the establishment of the African Monetary Fund (AMF), which would lead the way in the harmonisation of the continent’s financial system and trade policies in order to achieve collective macroeconomic stability in the area.
Commissioner for Economic Affairs at the African Union Commission, Maxwell Mkwezalamba, who disclosed this at a meeting of the Association of African Central Banks in Abuja yesterday, stressed that ministers of finance from Africa would soon meet in Addis Ababa to review the AMF statute preparatory to its signing.
Stressing that the African Union Commission was working hard on financial integration of the continent, Mkwezalamba announced that work was also at advanced stage towards the establishment of the African Investment Bank and the African Monetary Union.
He charged the Association of African Central Banks to work hard on the final push for the take-off of the African Central Bank and the common currency for the region.
His words: “Work is advancing seriously on African Central Bank. We believe that the work would be done very well. There is need for us to ensure that this work is completed in good time.
“Work is also advancing very well on the African Investment Bank. We have the protocols that have been adopted by the African Heads of State. Now we have to work on getting them signed and ratified. I need to call on countries to support us in this regard.”
Mkwezalamba added: “We are also about to conclude work on establishing the African Monetary Fund. We are hoping that when the ministers of finance meet in Addis Ababa, they will finalise this. As we move towards establishing the African Monetary Union, I wish to call upon the central bank governors to support the AU commission on financial integration. I am optimistic that with the support of all, the African Central Bank and the common currency would be a reality soon.”
Speaking at the meeting, Governor, Central Bank of Nigeria (CBN), Lamido Sanusi, stressed that the African Central Bank workgroup was working hard to accomplish its assignment.
On the ECOWAS monetary union and its common currency, Sanusi said the delay was caused in part by the global financial crisis, which he said impacted adversely on member economies since late 2007.