The plan to establish the African Central Bank (ACB) by the African Union will likely come to fruition by 2045.
Ms Naglaa Nozahie, representing the Association of African Central Banks (AACB), said this while presenting the progress report on the convergence of criteria for the ACB to the African Union on Thursday.
The briefing was part of proceedings at the third session of the Specialised Technical Committee of the African Union (AU) on Finance, Monetary Affairs, Economic Planning and Integration, holding in Yaounde, Cameroon.
Nozahie, who is also a Special Advisor to the Governor, Central Bank of Egypt, said the purpose of ACB was “to build a common monetary policy and single African currency as a way to accelerate economic integration on the continent.”
She said the AACB held several meetings from 2002 to 2017 and came up with the proposed macroeconomic criteria that must be met by each member state before the African Central Bank could be established.
The meeting, which was organised in collaboration with the African Capacity Building Foundation, had as its theme: “Public Policies for Productive Transformation in Africa.”