Indicators of Convergence

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According to the African Monetary Cooperation Programme, in order to achieve harmonization, the following criteria should be observed by at least 51% of the AACB membership:

Primary Criteria

  • Overall budget deficit (excluding grants) GDP ratio < 3%
  • Inflation rate < 3%
  • External Reserves ³ 6 months of goods and services

Secondary Criteria

  • Elimination of domestic arrears and non-accumulation of new arrears
  • Tax Revenue/GDP ratio ³ 20%
  • Wage bill/Total tax revenue < 35%
  • Public investments financed from internal sources > 20%
  • Maintainance of a positive real interest rate

About Us

The idea of an Association of African Central Banks was first introduced on May 25, 1963, at the Summit Conference of African Heads of State and Government held in Addis Ababa, Ethiopia. In this regard, African Heads of State and Government unanimously agreed to set up a preparatory Economic Committee to study a large range of monetary and financial issues, in collaboration with Governments and in consultation with the Economic Commission for Africa (ECA).

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(221) 33 839 08 01
secretariat@aacb.org
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