President Nana Addo Dankwa Akufo-Addo has been named the ‘Champion of the African Union (AU) Financial Institutions’ by the Assembly of Heads of State and Governments.
The new chairperson of the AU and President of South Africa, Cyril Ramaphosa, made the announcement at the 33rd Ordinary Session of the AU which ended here in Addis Ababa yesterday.
The African Union Financial Institutions is one of the flagship projects of Agenda 2063 which seeks to accelerate the integration and socio-economic development of the continent.
The agreed timeframes 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.
While thanking the Assembly for the honour of the appointment, President Akufo-Addo stated that the AU Financial Institutions had always been at the centre of the union’s agenda for continental integration.
“That is why, over the years, we have adopted a treaty and several legal instruments to that effect,” he added
Currently, only 22- Member States have signed the African Investment Bank (AIB) charter, with only six ratifications obtained, while 12 countries have signed the African Monetary Fund Charter, with one ratification.
At least, nine more countries are needed to ratify the AIB charter for it to enter into force, and, in the case of the African Monetary Fund, 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 establishment of the African Union Financial Institutions is critical for not only enhancing resource mobilisation on the continent, but also for providing the necessary impetus for growth and jobs creation”.
“Their establishment is 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,” he said.
President Akufo-Addo pledged to ensure the prompt ratification of the various charters establishing the Financial Institutions and help take, under the direction of the Assembly, all necessary steps to facilitate the creation of the continental financial architecture essential for the realisation of AU Agenda 2063.
YAW KYEI, ADDIS ABABA, ETHIOPIA