Ministers of Finance and Central Bank Governors from African Union (AU) Member States have endorsed the draft statute for establishing the African Monetary Institute (AMI), marking a significant step toward strengthening the continent’s financial and economic integration.
This move was endorsed by the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning, and Integration.
President John Dramani Mahama, AU Champion for Financial Institutions, announced this in his keynote address at the Heads of State and Government breakfast dialogue in Addis Ababa, Ethiopia, held on the sidelines of the AU Summit. The theme of the event was “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063,” hosted by the Alliance of African Multilateral Financing Institutions.
The AMI is envisioned as a precursor to the African Central Bank and will undertake crucial preparatory work, including technical and legal assessments, and ensuring the implementation of macroeconomic convergence criteria. The AMI’s draft statute awaits further consideration and adoption by AU heads of state and government.
President Mahama also highlighted the African Monetary Fund (AMF), which aims to support macroeconomic stability and boost investor confidence, and the African Investment Bank, pivotal for funding infrastructure projects such as energy, transport, and digital transformation.
He also spoke on the Pan-African Stock Exchange initiative, which aims to integrate capital markets across Africa, facilitating capital mobilization, boosting intra-African investment, and offering alternative financing mechanisms for governments and the private sector.
Mahama emphasized that progress is being made on these initiatives, with efforts underway to establish the Pan-African Stock Exchange through the work of the African Security Exchanges Association and the AU Commission.
He reiterated that the establishment of the African Central Bank, African Investment Bank, African Monetary Fund, and Pan-African Stock Exchange would be instrumental in reducing dependency on external aid and fostering a self-sustaining economic ecosystem for Africa. The African Central Bank’s goal is to establish a single African currency, reducing exchange rate risks and boosting investment flows.
In his closing remarks, President Mahama called for increased political will, effective policy coordination, and continued commitment from governments, the private sector, civil society organizations, and development partners to mobilize resources for the AU’s Agenda 2063. He urged collective efforts to bridge the financing and investment gaps and drive Africa toward achieving its vision of an integrated, prosperous, and peaceful continent.
“The Africa we envision is within our reach,” Mahama concluded, highlighting the importance of reforming financial systems and investing in the continent’s people to realize the goals of Agenda 2063.
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