Association of African Central Banks (AACB) 40th ordinary meeting of the Assembly of Governors. August 15-16, 2017. Pretoria South Africa
ASSOCIATION OF AFRICAN CENTRAL BANKS (AACB) 40th ORDINARY MEETING OF THE ASSEMBLY OF GOVERNORS
AUGUST 15-16, 2017
PRETORIA, SOUTH AFRICA
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 Centre of the South African Reserve Bank (SARB). Thirty-five (35) Member Central Banks, African Union Commission (AUC), Regional institutions in charge of economic integration as well as multilateral institutions participated in the meeting.
The 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 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 had been made, there was 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 reviewed the progress in the 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 partly to the negative impact of global financial conditions 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.
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 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 Sub-region;
• Governor of the Banco Central de Sao Tome and 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 Sub-region.