The Association of African Central Banks was created to promote co-operation in monetary, banking, and financial spheres in the African region, bring about and maintain price and financial stability, and spearhead a convergence process towards a single currency and a common central bank in Africa, among others.
The Hon. Governor, in a historic and unprecedented achievement, secured the endorsement of all forty-two (42) African Central Bank Governors to allow for the establishment of the African Monetary Institute (AMI).
The creation and establishment of the AMI has been in the works for at least a decade, and in his one-year tenure as Chairman of the AACB, Hon. Governor Buah Saidy was able to secure this monumental achievement.
The AMI, when discussed and approved at both Ministerial and Presidential committee levels, is expected to be the body responsible for clearing the ground for the establishment of the African Central Bank. This would be an essential pillar in the pursuit of a single currency for Africa and a significant step towards continental economic integration.
Similarly, Governor Saidy was able to get the support of his colleague Governors for the Activation of the Africa Peer Review Mechanism that is critical in helping member countries achieve the convergence criteria towards a single currency. The Pan African Payment Systems, another critical mechanism in enhancing payments across African borders was also endorsed by the Governors, thanks to the commitment and dynamism of the CBG Governor.
The new chairperson of the AACB is the Zambian Central Bank Governor, Dr Denny Kaliyalaya. The next AACB meeting is scheduled to take place In July 2024 in Libya.
