The annual meeting of the Governors of the African central banks kicked off Thursday in Balaclava, North Mauritius, with the Mauritian Prime Minister Navin Ramgoolam among the dignitaries in attendance at the opening.
The meeting, being attended by 40 delegates, is aimed at discussing how to improve the cooperation in the financial, banking and currency sectors in Africa.
In his speech, the Governor for the Mauritian Central Bank, Rundheersingh Bheenick, highlighted the importance of the meeting as a platform for the delegates to engage in in-depth thinking with a view to establishing a continental central bank and a single currency for the African continent.
“We deem it necessary to continue working towards achieving that aim, but we ought to be prudent and realistic given that the model from which we have drawn inspiration is currently going through difficulties. What is going on in the Euro zone is known to all,” Mr. Bheenick said.
The umbrella association of the African Central Banks was established in 1965, following the African heads of State summit in Addis Ababa, Ethiopia, in 1963, which agreed on the need to set up an economic committee tasked with studying the continent’s financial and currency issues.