The 2022 meeting of the Association of African Central Bank (AACB) could be seen as a way forward to achieving a collective goal for the implementation of policies that will raise the living standard of the African continent with the transformation of nations into higher-income countries.
As African countries look forward to adopting a single currency and a common Central Bank in Africa.
With the resilient economies, they will be better positioned to implement policies that ensure job creation, women empowerment, and youth employment in Africa.
The 44th Ordinary Session of the Assembly of Governors of the African Continent was organized by the (AACB) under the theme “Digital Innovation and the Future of the Financial Sector: Opportunities and the Challenges for Central Banks Digital Currencies,” with significant improvements made toward the monetary cooperation program.
The objectives of the Association of African Central Bank Governors are to promote cooperation on monetary, banking, and financial matters in Africa, as they conform to the principles of the African Union Free Trade Area established to integrate African economies, while they eagerly look forward to the results of the governors’ discussions, especially the review of the effectiveness of the international economic and financial institutions.
However, digital innovations have impressively transformed the global financial landscape, with the emergence of digital wallets, mobile transfers, blockchain technologies, and interconnected payment systems, that this development has the potential to scale up and speed up Africa’s economic development through financial inclusion, economies of scale, and lower transaction costs, among others.
Such innovations are critical factors for fiscal policy development, as they create opportunities for Central Banks to consider the use of digital currencies which come with regulatory challenges.
