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).
Emefiele, who
was elected at the 39th Ordinary meeting of the Assembly of Governors of the
AACB, will be president of the association for the year 2016 to 2017.
This is
contained in a communiqué issued in Abuja on Friday., adding that he would
succeed Lucas Nchama, Governor of the Banque des tats de l’Afrique Centrale
(BEAC).
To work with Emefiele are the governor of the Bank of Ghana 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 stated that discussions showed that the unwinding of
unconventional monetary policy measures, could have a negative impact on
African countries due to the inter-connectedness of economies.
African
countries. It stated, 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.
It also
pointed out the inability of African states to sustainably meet some of the
criteria for macroeconomic convergence.
According to the communique, this
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 that the Governors reviewed the
implementation of the work programme of the Community of African Banking
Supervisors.
The session started on Monday with 27 member central banks and the
African Union Commission (AUC) as part of the meetings.
Source: Vanguardngr
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