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The Institutional Framework of the Association of African Central Banks
Published online by Cambridge University Press: 28 July 2009
Extract
In 1966, the first Conference of African Central Banks was organized by the Economic Commission for Africa at which it was decided that a permanent association of African Central Banks should be established to foster co-operation amongst its members. An interim committee consisting of representatives from the Economic Commission for Africa, the African Development Bank and the African Institute of Economic Development and Planning, prepared draft articles of association for consideration by a second Conference of Central African Banks. This Conference, again, organized by the Economic Commission for Africa, was held from August 7th–13th, 1968 at Accra, where the Articles of the Association of African Central Banks were adopted.
- Type
- Papers of the Uppsala Conference
- Information
- Journal of African Law , Volume 16 , Issue 3: Special number: UPPSALA CONFERENCE O LEGAL MECHANISMS OF ECON CO-OPERATION IN AFRICAN INTER ORGANIZATIONS , Autumn/Automne 1972 , pp. 262 - 265
- Copyright
- Copyright © School of Oriental and African Studies 1972
References
1 Both these institutions had earlier been established with the assistance of the Economic Commission for Africa. The Commission's role as to the conception, and as midwife at the birth, of these two institutions was repeated in respect of the Association. The related flexible powers of the Commission as contained in paragraph 1(a) of the Terms of Reference of the Economic Commission for Africa are as follows:
“Initiate and participate in measures for facilitating concerted action for the economic development of Africa, including its social aspects, with a view to raising the level of economic activity and levels of living in Africa, and for maintaining and strengthening the economic relations of countries and territories of Africa, both among themselves and with other countries of the world”.
2 United Nations Economic and Social Council, Document E/Ch.14/AHA/16, Annex 11.
page 263 note 1 This follows the definition of the “geographical scope” of the activities of the Economic Commission for Africa. See paragraph 4 of the Terms of Reference of the Economic Commission for Africa.
page 263 note 2 These two banks represent related monetary unions which have their origins in colonial times. France guarantees the currencies issued by them and participates in their management.
page 263 note 3 This institution is not a central bank but purely an institution for the issue of currency; it is a relic of the former British Colonial West African Currency Board. It has now been replaced by the Central Bank of Gambia.
page 263 note 4 Botswana, Lesotho and Swaziland form a monetary union with South Africa, within which the Reserve Bank of South Africa acts as the bank of issue. This Bank is not a member of the Association. Other national monetary institutions not represented in the Association relate to Guinea, Liberia, and Equatorial Africa.
page 263 note 5 So far, this has not yet been done and the Economic Commission for Africa having fulfilled its role as to the conception, and as midwife at the birth, of the Association, now acts as its wet nurse by providing a temporary secretariat for the Association. Paragraph 12 of the Terms of Reference of the Economic Commission for Africa enables it to provide temporary secretariat services to the Association.
page 263 note 6 Article 5·8 of the Articles of the Association.
page 264 note 1 Sub-regional Committees were established in accordance with Article 5·1 of the Articles of Association, with the following membership:
North Africa: Banque du Maroc, the Bank of Sudan, Banque centrale de Tunisie, the Central Bank of Egypt, the Bank of Libya and the Central Bank of Algeria.
West Africa: Banque centrale de l'Afrique de l'ouest, the Gambia Currency Board, the Bank of Ghana, the Central Bank of Nigeria, Bank of Sierra Leone and Banque centrale du Mali.
Central Africa: Banque centrale des États de l'Afrique équatoriale et du Cameroun and Banque nationale du Congo.
East Africa: National Bank of Ethiopia, Central Bank of Kenya, Institut d'emission malgache, Reserve Bank of Malawi, Bank of Mauritius, Banque nationale du Rwanda, Somali National Bank, Banque de la République du Burundi, Bank of Tanzania, Bank of Uganda and Bank of Zambia.
page 264 note 2 Article 6·8 of the Articles of the Association.
page 265 note 1 Article 5·10 of the Articles of the Association, it having been realised that it may not always be possible to obtain the attendance of Governors or Presidents of Central Banks who are extremely busy people, at meetings of the organs of the Association.
page 265 note 2 In respect of this provision and in other parts of the Articles of Association, “meetings of the Association” is used interchangeably with “meetings of the Assembly of Governors”.
page 265 note 3 Article 7 of the Articles of the Association.