Professor Victor Harison, Commissioner for Economic Affairs of the African Union Commission (AUC), on Thursday in Dakar, called on the governors of African Central Banks to pay attention to the economic consequences of the coronavirus which currently affects several parts of the world.
By Massamba Sall
“This epidemic does not affect the continent at the moment, but we will have to be careful,” Professor Harison told the board meeting of the African Central Bank Association (ABCA).
According to him, OPEC is meeting to decide on levels of oil protection, adding that in view of China’s position in relation to trading with African countries, central banks on the continent have a key role to play as there is a risk of a global economic recession.
Still, Harison praised the performance of the Egyptian Pound and Rwandan bonds.
“And we hope that the advent of a single currency that matches the aspirations of ECOWAS countries will be a major step forward in the regional integration process,” he said.
On another front, Harison suggested that he could not imagine that a continental free trade zone would succeed if African states continue to trade in foreign currencies.
He revealed that in collaboration with the Central Bank of Nigeria, the African Union Commission (AUC) has developed the structure of the statutes of the African Monetary Institute (AMI).
“It is my greatest wish that this structure will start its activities this year. The new Nigerian government has already provided a building with office space,” Professor Harison said.
One of the items on the agenda of the ABCA meeting is the examination of the draft statutes of the AMI whose main objective is to undertake all the technical, strategic, statistical, institutional and legal preparatory work necessary for the creation of the African Central Bank and the single currency at the continental level.
Although the development challenges are enormous, the AUC Commissioner for Economic Affairs remains convinced that African countries must take their own destiny into their own hands.
MS/te/lb/as/APA