AU to conclude African Central Bank headquarters agreement with Nigeria

Dakar, Senegal (PANA) – The African Union will conclude a headquarters agreement with Nigeria for hosting the African Central Bank as it embarks on the implementation of a joint strategy towards the launch of the bank, an AU official said on Wednesday.

AU Commission's  Director of Economic Affairs, Rene N’Guetta Kouassi, said during a meeting of governors of African Central Banks that a joint strategy for the creation of the Central Bank is under implementation, including talks on its headquarters.

Creation of the African Central Bank and the African Monetary Fund were agreed upon and installed in the Constitutive Act of the AU, the treaty creating the continental body headquartered in Addis Ababa, Ethiopia.

The Central Bank will have its seat in Nigeria and the Monetary Fund is to be located in Cameroon.

Kouassi, who led an AU delegation attending the Technical Committee meeting of the Association of African Central Banks (AACB) which took place on 21-22 February 2018 in Dakar, said the AU Commission is developing a draft Headquarters Agreement to be negotiated with Nigeria.

"As soon as this draft Headquarters Agreement is concluded, the Commission, in cooperation with the AACB, will attempt to set up the Monetary Institute by recruiting, as soon as possible, the appropriate human resources; to translate into reality the roadmap that constitutes our joint strategy," Kouassi said.

The meeting in Dakar was chaired by the South African Central Bank representative and attended by nine other Central Bank members of the AACB Bureau.

They included the Governors of the Central Bank of Egypt, the Banco Central de São Tomé e Principe, the Central Bank of Congo, the Bank of Mauritius, the Central Bank of Sudan, Central Bank of Swaziland, Banky Foiben'I Madagasikara, Central Bank of The Gambia and Central Bank of Sierra Leone.  Also present, was a representative of the African Institute Remittance (AIR).

Following an introduction of the concept and project of the African Central Bank and African Monetary Institute, the African Union Commission informed the Association of the African Central Banks that the implementation of the recommendations of the Joint Strategy on the establishment of the African Central Bank will start in 2018.

Meanwhile, the Director of Economic Affairs also announced the signing of a Headquarters Country Agreement with Cameroon for the African Monetary Fund.

"Even if things do not progress as quickly as we would like, today I am pleased to announce that the Headquarters Agreement of the African Monetary Fund will be signed on 5 March 2018 in Yaoundé between the Cameroonian Government and the Commission of the African Union,” Kouassi said.

-0- PANA AO/AR 28Feb2018

28 Fevereiro 2018 19:48:03

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