African leaders have appointed Ghana’s President Akufo-Addo as “Champion of the African Union Financial Institutions.”
The Chairperson of the African Union, the South African President Cyril Ramaphosa made the announcement on Monday at the African Union summit in Addis Ababa, Ethiopia.
Under the AU Agenda 2063, the creation of African Union Financial Institutions represents a flagship project.
The Agenda 2063 is a project by the African Union aimed at accelerating integration and socio-economic development of the continent.
The agreed time-frames in the first 10-Year Plan of Agenda 2063 were for the African Investment Bank and Pan African Stock Exchange to be established by 2016; the African Monetary Fund by 2018; and the African Central Bank and Single African Currency by 2034.
President Akufo-Addo said the “establishment of the AU Financial Institutions has always been at the centre of our agenda for continental integration, and that is why, over the years, we have adopted a treaty and several legal instruments to that effect.”
Currently, only twenty-two (22) Member States have signed the African Investment Bank (AIB) charter, with only 6 ratifications obtained, whilst twelve (12) countries have signed the African Monetary Fund charter, with only one (1) ratification.
At least, nine (9) more countries are needed to ratify the AIB charter for it to enter into force, and, in the case of the African Monetary Fund, fourteen (14) ratifications.
“The task to ensure these are done will be one of my immediate priorities. I will see to it that Ghana ratifies these charters promptly upon my return to Accra,” the Ghanaian President said.
He also mentioned that “the establishment of the African Union Financial Institutions is critical for not only enhancing resource mobilization on the continent, but also for providing the necessary impetus for growth and jobs creation.
Their establishment are crucial for the effective implementation of the African Continental Free Trade Area (AfCFTA), and for achieving Agenda 2063: ‘The Africa We Want’. Financing our own development agenda remains our primary goal, and will require bold commitments from us.”
President Akufo-Addo pledged to ensure the prompt ratification of the various charters establishing the Financial Institutions.