African Central Bank African Union
President Buhari with Chairman of the African Union Commission, Moussa Faki Mahamat/Presidency

The African Union (AU) has said it will set up the African Central Bank (ACB) by 2045.

This was revealed by Naglaa Nozahie who represents the Association of African Central Banks (AACB).The African Union (AU) has said it will set up the African Central Bank (ACB) by 2045.

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Naglaa said this at the presentation of the progress report on the convergence of criteria for the ACB to the African Union on Thursday.

Concise News understands that the briefing was part of proceedings at the third session of the Specialised Technical Committee of the African Union (AU) on Finance, Monetary Affairs, Economic Planning and Integration, in Yaounde, Cameroon.

According to her,  the purpose of ACB was “to build a common monetary policy and single African currency as a way to accelerate economic integration on the continent.”

She added that the AACB held different meetings from 2002 to 2017 where it came up with the proposed macroeconomic criteria.

Speaking further, she said the criteria must be met by all member states before the African Central Bank will be set up.