The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been elected as the President of the Association of African Central Banks (AACB).
Mr Emefiele was elected at the 39th ordinary meeting of the Assembly of Governors of the AACB in Abuja, Nigeria’s capital.
He succeeds Mr Lucas Nchama who is now the Governor of the Bank Of Central African States.
Mr Emefiele would be President of the AACB from 2016 to 2017.
The Governor of Central Bank of Burundi was elected Chairman of the East African sub-region while the Governor of the Central Bank of the Kingdom of Swaziland was elected Chairman of the Southern African sub-region.
Others elected are the Governor of the Bank of Ghana as Chairman of the West African sub-region and Governor of the Central Bank of Mauritania as Chairman of the North African sub-region.
Reading a communique at the end of the meeting, the new AACB President told the gathering that the nomination for the Vice Chairman of the AACB, which was zoned to the South African Sub-region, would be made known in due course.
The Assembly of Governors also chose: “Prospects for monetary integration in Africa: Lessons learned from the experience of monetary and financial integration of Europe,” as theme for the 2017 symposium.
The 2016 Symposium themed was “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa”.
The communiqué stated that discussions showed that the unwinding of unconventional monetary policy measures, could have a negative impact on African countries due to the interconnectedness of economies.
African countries, it stated, face challenges, especially the depreciation of the exchange rate and the decline in capital flows which could result from an exit from unconventional monetary policies in the developed countries.
“On the other hand, the unwinding of unconventional monetary policy could be an opportunity for African countries to develop appropriate 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 improve exports while limiting imports.
“It also emphasised the urgent need for coordination between monetary and fiscal policy,” the communiqué stated.
It further stated that the Governors also examined the state of implementation of the African Monetary Cooperation Programme.
It also pointed out the inability of African states to sustainably meet some of the criteria for macroeconomic convergence.
According to the communique, this because of the negative impact of the international environment, including the fall in prices of raw materials and commodities.
The communique urged countries to strengthen implementation of structural reforms, improve the business environment and promote intra-regional trade to strengthen their resilience in the face of external shocks.
It also stated that the Governors reviewed the implementation of the work programme of the Community of African Banking Supervisors.
The meeting was attended by 27 member Central Banks and the African Union Commission (AUC).