2001-07-24: Announcement of the Meeting of African Central Bank Governors (AACB)
Last Modified Date:
2020-10-08, 08:15 PM
Media > Media Releases
The South African Reserve Bank will host a symposium and meeting of the Governors of the Association of African Central Banks (AACB) in Johannesburg from 14 to 16 August 2001. The meeting will culminate in a press conference (16 August), addressed by the Governor of the SA Reserve Bank, Mr Tito Mboweni, and the current chairman of the Association, Mr Daudi Ballali, Governor of the Bank of Tanzania. (The details of the press conference will be announced closer to the time.) The symposium and meeting will be attended by local and international dignitaries active in the field of finance and economics. The theme for the symposium is: "financial institutions and the African integration process." Among other issues, the symposium will also deliberate on the New Africa Initiative (NAI), which is a document merging South Africa's Millenium Africa Plan (MAP) and Senegal's OMEGA initiative. A BRIEF BACKGROUND ON THE AACBThe Association of African Central Banks (AACB) was established by governors of African central banks in a meeting held in Addis Ababa, Ethiopia, in February 1966. In that meeting, the main objectives of the Association were set out as follows:to promote co-operation in the monetary, banking, financial and related spheres on the African continent;to assist in the formulation of guidelines along which agreements between and among African countries could proceed;to strengthen efforts aimed at bringing about and maintaining broad monetary and financial stability in Africa;to constantly study the effectiveness of international economic and financial institutions in which African countries have an interest and, where necessary, suggest credible improvements; andto promote a vigorous exchange of ideas and experiences on areas of responsibility.Membership of the AACB is open to all African central banks. The AACB has an assembly of African central bank governors (the governing body), an executive committee as well as sub-regional committees dealing with technical issues. The AACB charter requires that the Association regularly elect a chairman and vice-chairman for a limited period. The current chairman of the AACB is Mr Daudi Ballali, Governor of the Bank of Tanzania. The serving vice-chairman is Chief (Dr) Joseph Sanusi, Governor of the Central Bank of Nigeria. The assembly of governors meets on an annual basis, in a venue decided and agreed upon by the governing body.