Friday, September 22

Central Bank Governor Returns From Association of African Central Banks Meeting

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Buah Saidy, Governor of the Central Bank of the Gambia
By Landing Ceesay

Hon. Buah Saidy, Governor of the Central Bank of the Gambia (CBG), returned to the country on Wednesday, August 9, 2023, from Livingstone, Zambia, where he attended the 45th meeting of the Association of African Central Banks.

A press statement released by the Central Bank following his return revealed that the Governor, in his role as the President of the Association of African Central Banks (AACB), played a key role in founding the African Monetary Institute (AMI) during the recently concluded meeting.

“The Hon. Governor, in a historic and unprecedented achievement, secured the endorsement of all forty-two (42) African Central Bank Governors to allow for the establishment of the African Monetary Institute (AMI). The creation and establishment of the AMI has been in the works for at least a decade, and in his one-year tenure as Chairman of the AACB, Hon. Governor Buah Saidy was able to secure this monumental achievement.

“The AMI, when discussed and approved at both Ministerial and Presidential committee levels, is expected to be the body responsible for clearing the ground for the establishment of the African Central Bank. This would be an essential pillar in the pursuit of a single currency for Africa and a significant step towards continental economic integration,” CBG said in a statement released on Wednesday.

The press statement went on to disclose that Governor Saidy of the Central Bank of the Gambia (CBG) has secured the support of his fellow central bank governors for the activation of the African Peer Review Mechanism (APRM). The APRM is a self-monitoring mechanism that helps African countries achieve the convergence criteria towards a single currency.

The CBG also revealed that the Pan African Payment Systems (PAPS), another critical mechanism in enhancing payments across African borders, was endorsed by the governors. This is thanks to the commitment and dynamism of Governor Saidy.

Governor Saidy served as the President of the AACB until the 45th meeting. The 44th meeting of the AACB was held in Banjul in July/August 2022. The new chairperson of the AACB is Zambian Central Bank Governor, Dr. Denny Kaliyalaya. The next meeting of the AACB is scheduled to take place in July 2024 in Libya.

The Association of African Central Banks (AACB) was established to promote cooperation among African central banks in the areas of monetary policy, banking, and finance. It also aims to achieve and maintain price and financial stability in the region, and to spearhead the process of convergence towards a single currency and a common central bank in Africa.