BREAKING NEWS, Business
–
Godwin Emefiele is now the president of the Association of African Central Banks
THE Assembly of Governors under the umbrella of the Association of African Central Banks, AACB, has elected Godwin I. Emefiele, governor of the Central Bank of Nigeria as its President for the 2016-2017 year.
The election took place on August 19, at the end of the 39th ordinary meeting of the assembly of governors.
According to the communique from the meeting, the bureau of the AACB for the period comprises Emefiele, governor of the Bank of Ghana, chairman of the West African Sub-region; governor of the Central Bank of Mauritania, chairman of the North African Sub-region; governor of the Bank of Central African States, chairman of the Central African Sub-region; governor of the Banque de la République du Burundi, chairman of the East African Sub-region; and the governor of the Central Bank of the Kingdom of Swaziland, chairman of the Southern African Sub-region.
It stated that the nomination for the vice president of the AACB which comes from the Southern African Sub-region would be communicated later.
At the end of the meeting Nianga Komata Goumou, deputy governor of the Banque Centrale de la République de Guinée, on behalf of all the Governors and delegates, expressed gratitude to the President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, the Government and people of the Federal Republic of Nigeria, for the warm welcome and hospitality shown, as well as the excellent measures taken to ensure the success of the meetings.
The meeting which was attended by 27-member central banks and the African Union Commission, AUC, was preceded by a symposium which was held on August 18, with the theme “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa”.
The symposium was officially opened Nigerian President Muhammadu Buhari, who in his opening speech, sressed the pressing and urgent need to strengthen the economic and monetary integration of Africa in an international environment characterised by weak global demand, budget deficits, increasing public debt and illicit capital flows.
He noted the importance of central banks in the search for lasting solutions to deal with the crisis facing particularly African countries. The President also emphasized the need for coordination between monetary and fiscal policy in order to implement appropriate measures to combat these scourges, while encouraging member States to empower their institutions.
He also emphasised the need for structural transformation in African economies to ensure food self-sufficiency and increased exports of manufactured goods.
Discussions during the symposium showed that the unwinding of unconventional monetary policy measures, adopted during the financial crisis by the US Federal Reserve and central banks of developed countries, could have a negative impact on African countries due to the interconnectedness of economies.
In this context, African countries 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 was also emphasised the urgent need for coordination between monetary and fiscal policy.
The Assembly of Governors “Prospects for Mmonetary Integration in Africa: Lessons Learned from the Experience of Monetary and Financial Integration of Europe” as the theme for the year 2017 Symposium
— Aug 22, 2016 @ 9:30 GMT
|
Tags:
