The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been elected as the President of the Association of African Central Banks (AACB).
He was elected at the 39th ordinary meeting of the Assembly of Governors of the AACB and he will president over the association for 2016 and 2017.
The communiqué issued in Abuja on Friday at the end of the meeting contained this. It also explained that he would succeed Lucas Nchama, Governor of the Banque des tats de l’Afrique Centrale (BEAC).
The governor of the Bank of Ghana will work with Emefiele as chairman of the West African sub-region; governor of the Central Bank of Mauritania, chairman of the North African sub-region; and the governor of the Bank of Central African States, chairman of the central African sub-region.
Also elected were the governor of Banque de la Republique du Burundi as chairman of the East African sub-region and governor of the Central Bank of the Kingdom of Swaziland as chairman of the Southern African sub-region.
AACB announced that theme of 2017 Symposium will be “Prospects for Monetary Integration in Africa: Lessons Learned from the Experience of Momentary and Financial Integration of Europe”.
The 2016 Symposium themed was “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa”.
The communiqué explained that discussions showed that the unwinding of unconventional monetary policy measures, could have a negative impact on African countries due to the interconnectedness of economies.
African countries, according to the communiqué, face challenges, especially the depreciation of the exchange rate and the decline in capital flows which could result from an exit from unconventional monetary policies in the developed countries.
“On the other hand, the unwinding of unconventional monetary policy could be an opportunity for African countries to develop appropriate measures to strengthen their resilience in the face of exogenous shocks.
“In this regard, the Assembly of Governors, stressed that it is necessary for African countries to diversify their economies and improve exports, while limiting imports.
“It also emphasised the urgent need for coordination between monetary and fiscal policy,” the communiqué stated.
It stated that the Governors also examined the state of implementation of the African Monetary Cooperation Programme as well as pointing out the inability of African states to sustainably meet some of the criteria for macroeconomic convergence.
The communiqué also explained that this is so because of the negative impact of the international environment, including the fall in prices of raw materials and commodities.
The communique urged countries to strengthen implementation of structural reforms, improve the business environment and promote intra-regional trade to strengthen their resilience in the face of external shocks.
It also stated th
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