African countries need to speedup the efforts of the African Union Commission which has been working for the establishment of central bank of Africa, African monetary fund, Pan-African stock exchange, and African investment bank, says African Union Commission (AUC) Commissioner.
Briefing Journalists this morning on the side-lines of AU Summit Ambassador Albert Muchanga AU Commissioner for Economic Development, Trade, Industry and Mining stressed the need to speed the efforts to enable the continent self-finance its development projects and improve productivity and benefit from intra-Africa trade regime.
“…Improving productivity and financial independence is crucial in building robust and resilient economies that are not being held back by high an unsustainable debt burden,” he said.
“Accelerating the establishment of the African Union financial institutions namely, the African investment bank, African monetary fund, African central bank, and the Pan-African stock exchange remain strategic growth to build the continent’s financial autonomy that will facilitate self-financing development projects and programs as well as caution the continent against huge shocks.”
“The African Union financial institutions are the vehicles that will drive the continent’s financial sector to finance infrastructure deficit, enhance product transformation, facilitates intra-Africa trade as well as stabilize economies from future shocks,” he said.
“The creation of African monetary institute this year, a building block towards the African central bank, will facilitate the monitoring of macroeconomic convergence performance of the member states. This will consolidate macroeconomic policy conditions – a key element required for the establishment of African central bank,” the Commissioner said.
He also indicated that the African Union Commission has forged strategic partnership with Africa’s Securities Exchanges Association to unlock intra-African trade and international investment flows, and finance long term projects and programs on the continent through a venture pan-African stock exchange.
“To achieve this aspirations, objectives and goals of the Agenda 2063 at least 35 percent of resources should be mobilized domestically. In this respect, we are enhancing to curve illicit financial flows from Africa,” he said.