ACB Governors Continue Discussion On Adoption of Single Currency

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By Makutu Manneh

Governors of the Association of African Central Banks continue their discussion on the adoption of a single currency for the continent at the 44th ordinary meeting of the Assembly of African Central Bank Governors currently being held in The Gambia.

On Wednesday 3rd August 2022, the association held a bureau meeting at the Sir Dawda Karaba Jawara Conference Center where a report was presented to twelve Governors.

In this bureau meeting, the discussion was based on the status and structure of an African Monitoring Institute which will later become the Central Bank of Africa.

The Association of African Central Banks Governors announced earlier in August 2003 that it will work for a single currency and common central bank by 2021.

Karamo Jawara, Director of Banking and Payment Services at the Central Bank of the Gambia, informed the press that they are starting with an institute and that heads of African states have agreed for the institute to be hosted in Nigeria for the time being.

Jawara said the target for the realization of this currency is in 2037.

“So according to the work program, Nigeria should assume the responsibility of African Monetary Institute by the end of this year,” he said.

“One of the issues being discussed is what is going to be the final status of this institute and how it is going to be structured in terms of staffing and others,” he said; that the journey of Africa adopting a single currency is at its early stage because they have to do a lot of harmonization. He added that each region in Africa must come up with a harmonised monetary policy framework, and said all the African countries are participating in the realization of Africa having a single currency.