Emefiele
CBN Gov emerges President of African Central Banks
The Governor of the Central Bank of Nigeria, Godwin Emefiele has
emerged the president of Central Banks in Africa following a recent
election.
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 interconnectedness 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 further 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
News Agency of Nigeria (NAN) reports that the session started on Monday
with 27 member central banks and the African Union Commission (AUC) as
part of the meetings.
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