African Central Bank Governors meet in Banjul
The 44th ordinary session of the assembly of African central bank governors opened at the Sir Dawda Kairaba Jawara conference centre. The objectives of the Association of African Central Bank Governors are to promote cooperation on monetary, banking, and financial matters in Africa. They conform to the principles of the African Union Free Trade Area established to integrate African economies. The meeting brings together central Bank governors from across Africa for deliberations on the economic and financial situation on the continent with a particular focus on digital innovation and the future of the financial sector, opportunities, and challenges for central bank digital Currencies.
The theme for the conference is digital innovations and the future of the financial sector: Opportunities and challenges for central bank digital currencies. The meeting comes at a time of great uncertainty for the global economy, particularly in Africa caused by rising food and energy prices driven by, climate change, outbreaks of Pandemics, and the conflict in Eastern Europe.
President Adama Barrow said the meeting marks another important step toward the adoption of a single currency and a common central Bank in Africa. He said digital innovations have the potential to transform the global financial landscape. President Barrow also tasked the central bank governors to come up with practical suggestions that could help countries overcome the current food and energy challenges that threaten socio-political and economic stability.
The governor of the central bank of the Gambia Buah Saidy expressed hope that the meeting will chart a new course for Africa. Governor Saidy said the continent can build strong and resilient economies.
The IMF country representative Mamadou Juldeh Barry acknowledges the important role of digital currencies in the modern financial system, as more people in both the formal and informal sectors embrace the technologies. He warned against any wholesale unplanned adoption of such systems as they can be risky
The central Bank governors will continue discussing the agenda items to come up with a harmonized approach to the issues confronting the continent