African single currency and central bank to be set up by 2045

Thursday 09 August 2018 04:56 PM

African Central Bank Association
African Central Bank Association

By Al-Mal
By 2045 the African countries are set to have a single currency and  a central bank will be tasked with monitoring their  monetary policy by 2045.
" The African Central Bank Association is seeking to carry out a monetary program that will create a single currency for the African countries by 2042 and an African Central Bank by 2045,"  assistant manager of economy and international organizations at the Central Bank of Egypt Usama Abd El-Rahman told journalists on the sidelines of annual meetings of ACBA at the Egyptian resort of Sharm El-Sheikh.
An older version of the program, dating back to  one passed in Algeria in 2002, is made to set up an African Central Bank by 2018, but a review that was conducted back in 2016's Abuja meeting showed several countries never adhered to specific guidelines, he added.
The program was modified so as to cope with standing of member countries. Also, a proposal voiced at Abuja meeting  to set up the African Central Bank in 2034 was rejected owing to experts' conviction that the time will not be big enough to incorporate the bank.