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Godwin Emefiele Elected President of African Central Banks

Mr Godwin 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 during a communiqué issued in on Friday in Abuja, adding that he would succeed Lucas Nchama, Governor of the Banque des tats de l’Afrique Centrale (BEAC).
To work with Mr. Emefiele are the governor of the central bank of Mauritania, chairman, North African sub-region; governor of the Bank of Ghana as chairman of the West African sub-region; and therefore the governor of the Bank of Central African States, chairman of the central African sub-region.
Also elected were the governors of the central bank of the kingdom of Swaziland as chairman of the Southern African sub-region and governor of Banque de la Republique du Burundi as chairman of the East African sub-region.
AACB declared that theme of 2017 conference will be:

“Prospects for monetary integration in Africa: Lessons Learned from the experience of momentary and financial Integration of Europe”.
The 2016 conference themed was “Unwinding Unconventional financial Policies: Implications for monetary Policy and financial Stability in Africa”.
The communiqué added that discussions showed that the unreeling of unconventional monetary policy measures, might have a negative impact on African countries because of the connectedness of economies.
It expressed that African countries face challenges, particularly the depreciation of the exchange rate and therefore the decline in capital flows that might result from an exit from unconventional financial policies in the developed countries.
“On the other hand, the unreeling of unconventional monetary policy may be a chance for African countries to develop acceptable 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 also improve exports, and limit imports.
It expressed that the Governors also examined the state of implementation of the African financial Cooperation Programme.
It also identified the lack of African states to sustainably meet a number of the criteria for macroeconomic convergence.
According to the communique, this as a result of the negative impact of the international atmosphere, as well as the fall in costs of raw materials and commodities.
The communique urged countries to strengthen implementation of structural reforms, improve the business atmosphere and promote intra-regional trade to strengthen their resilience in the face of external outrages.
It also expressed that the Governors reviewed the implementation of the work programme of the Community of African Banking Supervisors.
The session started on Monday with twenty seven member central banks and the African Union Commission (AUC) as a part of the meetings.


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