On June 27, 2014, at the 23rd Ordinary Session of the Summit of the African Union held in Malobo, Equatorial Guinea, member states of the Africa Union adopted the Protocol on the Establishment of the African Monetary Fund (Fund).
Plan for the Fund is not new but dates back to the 1963 Charter of the Organization of African Unity (the predecessor to the Africa Union) as well as to the 1991 Abuja Treaty—the agreement that established the African Economic Community and put in place a framework for continental integration. The Constitutive Act of the African Union (Constitutive Act) adopted in 2000 also envisaged the establishment of the Fund. Annexed to the Protocol is the Statute of the African Monetary Fund (Statute). As envisioned in the Abuja Treaty, the Fund, together with continental institutions such as the Africa Investment Bank and the African Central Bank that are still in the pipeline, are critical to efforts to create a continental economic and monetary union in Africa.