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ASSOCIATION OF AFRICAN CENTRAL BANKS (AACB) 40th ORDINARY MEETING OF THE ASSEMBLY OF GOVERNORS

Tuesday, September 05, 2017

by South African Reserve Bank (SARB)

The 40th Ordinary Meeting of the Assembly of Governors of the Association of African Central Banks (AACB) was held on 16 August 2017 in Pretoria, South Africa, at the Conference Center of the South African Reserve Bank (SARB). Thirty-five (35) Member Central Banks and the African Union Commission (AUC) participated in the meeting. The Assembly of Governors meeting was preceded by a Symposium held on 15 August 2017 on ‘Monetary Integration Prospects in Africa: Lessons from the Experience of the European Monetary and Financial Integration’. The Symposium was officially opened by His Excellency Mr. Jacob Zuma, President of the Republic of South Africa. The President emphasized the importance of economic integration in promoting strong, sustainable and inclusive growth on the continent. He highlighted the importance of monetary integration in this regard, particularly the promotion of price and financial stability on the continent. He also noted the important role that central banks can play in developing strong supervisory frameworks and efficient payment systems to promote monetary integration in Africa. He reaffirmed the political authorities' determination to achieve African monetary integration. The Symposium also analysed the experience with economic integration of regions in Africa, Europe, Asia and Latin America. In the main, the exchanges highlighted the need for strong institutional frameworks incorporating both fiscal and financial dimensions to underpin the successful economic integration. The experiences of economic integration in WAEMU, CEMAC and SADC showed that while progress is being made, there is still a need for better coordination between monetary and fiscal policies in these regions. The diversification of African economies and the strengthening of markets and market conduct also requires attention to enhance the integration process in Africa. The Governors chose the following themes for the 2018 Symposium and Continental Seminar: - Declining Correspondent Banking Relationships and Illicit Capital Flows: Risks, and Policy Challenges for Africa; - Financial Technology Innovations, Cybercrime and Challenges for Central Banks. The Assembly of Governors of the AACB reviewed the status of implementation of the African Monetary Cooperation Program (AMCP). Governors noted the difficulties faced by African States in meeting the criteria for macroeconomic convergence which was due to the negative impact of the international economic situation and domestic constraints in member countries. Governors adopted the work by the Experts Group on the Harmonisation of Convergence Criteria across the different regions in Africa. Governors recommended the development of a monitoring framework as well as a peer review mechanism to hold countries to account for their performance against the convergence criteria. Governors welcomed the work done by Community of African Banking Supervisors (CABS) and approved the work program for 2017-2019. At the conclusion of their meeting, the Assembly of Governors elected Mr. Lesetja Kganyago, the Governor of the South African Reserve Bank, as Chairperson of the AACB for the 2017-2018 year. The SARB also holds the Presidency of CABS. The Bureau of the AACB for 2017-2018 is:  Governor of the South African Reserve Bank, Chairperson of the AACB;  Vice Chairperson of the AACB, to be indicated by the North Africa Sub-region;  Governor of the Central Bank of The Gambia, Chairperson of the West Africa Subregion;  Governor of the Banco Central de Sao Tome e Principe, Chairperson of the Central Africa Sub-region;  Governor of the Bank of Mauritius, Chairperson of the East Africa Sub-region;  Governor of the Central Bank of Swaziland, Chairperson of the Southern African Subregion. On behalf of all the Governors of the AACB, Mr. Dieudonné Evou MEKOU, Deputy Governor of the BEAC, expressed his gratitude and deep appreciation to President Jacob Zuma, the Governor of the SARB, the Government and People of South Africa, for their warm welcome, kind hospitality shown, as well as for the excellent preparations undertaken by the staff of the SARB which contributed to the success of the meetings. Issued in Pretoria, 17 August 2017 Association of African Central Banks

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