The Bureau of the Association of African Central Banks (AACB) held its first meeting of 2023 on 9th March 2023 in Dakar, Senegal, at the Headquarters of the Banque Centrale des Etats de l'Afrique de l'Quest (BCEAO).
The meeting was led by the AACB Chairperson, Governor Buah Saidy of the Central Bank of The Gambia, and attended by the Chairperson and the Vice Chair of the five sub-region of the AACB. In participation was the African Union Commission (AUC). Dr Ernest K.Y. Addison, Governor of Bank of Ghana and Chairman of West African sub-region of the AACB, represented the West African central banks Governor at the Bureau meeting.
The meeting was attended by some Governor, including the Governor of BCEAO, Dr. Jean-Claude Kassi Brou, Governor of Bank of Zambia, Dr. Denny H. Kalyalya, Governor of the Bank of Mozambique, Honourable Rogério Lucas Zandamela and the Governor of the Bank of Burundi, Mr. Dieudonne Murengerantwari.
The Governor of the Central Bank of Kenya, Dr. Patrick Ngugi Njoroge took an interest for all intents and purposes.
The Deputy Governors of the Bank of Congo and the Reserve Bank of Zimbabwe, Honourable, Dieudonne Fikiri Alimasi and Dr. Innocent Matshe likewise attended the meeting. The Deputy Governor of the National Bank of Nigeria, Mrs. Aishah Ahmad partook practically.
The Bureau were preceded by Technical Committee meeting including delegates of the twelve-members central banks. The Technical Committee pondered and came to agreement on topics and issues that informed the plan regarding the Bureau.
The Bureau meeting among others audited the implementation of the rundown of decision made by the AACB Assembly of Governor at its 44th Ordinary Meeting in Banjul, The Gambia. The rundown of decisions of the Assembly of Governors involved implementation of the African Monetary Cooperation Program (AMCP), report of the Expert Group on the refinement of the Convergence Criteria of the AMCP, and cooperation between the African Union Commission (AUC) and AACB on the establishment process of the African Central Bank (ACB). The Bureau additionally examined exercises of the Community of African Banking Supervisors (CABS), reports on incorporation of African payment system, and finished sub-theme for the 2023 Continental Seminar as well as those for the Conference of Governors.
On Consistence with the AMCP and Establishment of African Central Bank, the West African sub-region performed best contrasted with the other four sub-regional group in the critical area of harmonization of monetary policy system. The sub-region has
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created and taken on an orchestrated financial policy structure that depends on an expansion focusing on and an adaptable swapping scale system. Following the reception of the normal money related strategy structure, the West African Monetary Agency (WAMA) has been dealing with fostering a key and functional system to direct its implementation and reception by part States in the sub-region. In light of this great exhibition, the Bureau supported the other four sub-regions that are yet to foster a blended monetary policy system to do as such by shipping off the AACB Secretariat the guide for fostering the orchestrated monetary policy structure with sensible courses of events before end of July 2023.
To guarantee consistence of all AACB individuals with AMCP and in light of crafted by the Master Gathering, the Bureau mentioned the AUC to enact the companion survey system for observing execution of the macroeconomic assembly models. The fulfillment of the combination measures of the AMCP is a necessary condition for the establishment of an African Central Bank.
The establishment of the ACB will be gone before by the establishment of the African Monetary Institute (AMI) in Abuja to attempt every one of the necessary arrangements for the establishment of the ACB. The Bureau coordinated that the draft Rules and Construction of the AMI ought to be submitted to part national banks for their remarks before accommodation to the Specialized Technical Committee (STC) on Justice and Lawful Undertakings of the AU before submission to the Authority of the Heads of State and Government for their consideration and reception.
Regarding the matter of the Community of African Banking Supervisors (CABS), the Bureau meeting guided the AACB Secretariat to forward to member Central Banks the orchestrated structures on Crisis Management and Banking Goal as well as FinTech Regulation and Supervision, for remarks for these reports to be settled.
Regarding the matter of payment system coordination, the Bureau mentioned the AACB Team on joining of African payment system to proceed with conversations with Afreximbank on the PAPSS Venture in consonance with the vision and procedure of incorporating payments systems in Africa before the 2023 Annual Meetings.
On versatile payments incorporation methodology, the AACB Bureau mentioned the Working
Group to propose standards and vision for coordinating versatile installment frameworks in Africa.
Governor Addison was went with to the Bureau meeting by Dr. Alberta Hagan, Ag. Head, Governor' Department and different authorities of the Bank.