AFRICAN MONETARY CO-OPEARTION PROGRAMME

1. Introduction

In order to support the achievement of objectives of the 1991 Abuja Treaty and the strengthening of sub-regional groupings and harminisation of national policies, a framework for the establishment of an African Monetary Co-opeartion Programme (AMCP) was prepared.

2. Objectives of the AMCP

The AMCP involves the adoption of collective policy measures to achieve a harmonised monetary system and common managment institutions. It envisages the harmonisation of the monetary co-operation programme of sub-regional groupings as building blocks with the ultimate aim of evolving a single moneatry region by the year 2021 with a common central bank and a commom currency at the continental level.

3. Convergence criteria and requirements for the establishment of the AMCP

Two criterions should be attained by all countries before the launching of the African Monetary Union.

3.1 Primary Criteria

3.2 Secondary Criteria

4. Stages of Implementation

The African Monetary Union would be created at the end of a process comprising the following six stages:

Stage I (Year 2002 - 2003)

Stage II (Year 2004 - 2008)

Stage III (Year 2009 - 2012)

Stage IV (Year 2013 - 2015)

Stage V (Year 2016 - 2020)

Stage VI (Year 2021)

The African Moneatry Union would be established when at least 51 per cent of the AACB members have fulfilled the convergence criteria.

5. Conclusion

With reference to Article 19, on the Constitutive Act of the African Union, on the establishment of the African Central Bank, the African Monetary Fund and the African Investment Bank, the AACB noted that its projects were laudible and would serve as long term objectives in the drive towards the achievement of African Monetary Union.

Monday 8 September 2008

AMCP & SADC Target Indicators - South Africa Year 2007