African central bank governors have renewed efforts to advance monetary integration across the continent, reviewing progress toward the launch of the African Monetary Institute and discussing measures to strengthen financial stability amid global economic uncertainty.
The bureau of the Association of African Central Banks (AACB) met Thursday in Dakar for its first session of the year, focusing on macroeconomic convergence, cross-border payments integration and institutional reforms aimed at deepening continental financial cooperation.
The meeting was hosted at the headquarters of the Central Bank of West African States (BCEAO) and brought together senior monetary officials from across Africa.
Governors reviewed implementation of decisions adopted during the AACB Council of Governors meeting held in Yaounde in November 2025, according to a statement issued after the talks.
A central focus of discussions was the African Monetary Cooperation Program (AMCP), an initiative designed to harmonise monetary systems and economic policies among African states as part of longer-term ambitions for deeper financial integration.
More Read
Officials examined the AMCP’s 2025 progress report, including challenges faced by member states in meeting agreed macroeconomic convergence criteria such as inflation targets, fiscal discipline and reserve requirements.
Participants also discussed plans to establish a dedicated Project Group on Monetary Policy and Integration to strengthen coordination among African central banks.
The governors further reviewed proposals linked to the creation of the African Monetary Institute (AMI), a transitional body intended to lay the groundwork for a future African Central Bank.
More Read
The AMI’s statutes were adopted by African Union leaders during the bloc’s summit in February 2026, and the institution is expected to become operational in Nigeria in September.
African Union Commissioner for Economic Development, Trade, Tourism, Industry and Mineral Resources Francisca Tatchouop Belobe described the AMI as a key instrument for strengthening economic resilience across the continent.
“The AMI is our lever to harmonise our monetary policies and absorb global shocks,” she said during the meeting.
She urged member states and central banks to accelerate preparations for the institute’s governing structures and ensure it has sufficient resources to fulfil its mandate.
“The AMI is an essential step toward the African Central Bank,” she added.
Efforts toward a continent-wide central banking framework form part of the African Union’s long-term Agenda 2063 development strategy, which envisions deeper economic integration and eventually a single African currency.
More Read
However, economists have repeatedly cautioned that major disparities between African economies could complicate efforts to achieve monetary union in the near term.
The meeting also addressed financial sector oversight and banking resilience amid rising global uncertainty linked to geopolitical tensions, trade disputes and external economic shocks.
Governors reviewed activities planned under the African Banking Supervisors Community’s 2026–2028 work programme, as well as initiatives led by the African Financial Stability Committee aimed at strengthening responses to cross-border financial risks.
Cross-border payments and remittance costs were another major topic of discussion.
Officials examined progress made by the Pan-African Payment and Settlement System (PAPSS), developed in partnership with Afreximbank, which seeks to facilitate faster and cheaper transactions between African countries using local currencies.
The system is viewed as a critical component of the African Continental Free Trade Area (AfCFTA), which aims to boost intra-African trade by reducing barriers and improving financial connectivity.
Central bankers also discussed measures to lower remittance costs, which remain among the highest in the world for many African migrants sending money home.
Yvon Sana Bangui, governor of the Bank of Central African States (BEAC) and current president of the AACB, said stronger policy coordination was increasingly necessary given mounting international instability.
He pointed to persistent geopolitical tensions, security challenges and repeated external shocks affecting African economies.
“The meeting comes at a time when African economies are increasingly exposed to large-scale external shocks,” Bangui said.
Analysts say the success of Africa’s monetary integration efforts will depend heavily on governments’ ability to maintain fiscal discipline, improve institutional coordination and strengthen regional trade links in the coming years.
