COMMUNIQUE -Ordinary Meeting Of The Assembly Of Governors

29th Ordinary Meeting Of The Assembly Of Governors Of The Association Of African Central Banks (AACB)

Accra, Ghana July 29, 2005

COMMUNIQUE

1. The 29th Ordinary Meeting of the Assembly of Governors of the Association of African Central Banks (AACB) was held on July 29, 2005 in Accra, Ghana. The meeting was opened by His Excellency, Mr. J.A. Kufuor, President of the Republic of Ghana. Mr. Jean-Felix Mamalepot, Chairperson of the AACB and Governor of Banque des Etats de l?Afrque Centrale (BEAC), presided over the meeting. The Meeting was attended by twenty six Central Banks and the African Union.

In the keynote address, President Kufuor expressed the resolve of a growing critical mass of African leaders pursuing the development agenda of African Union and NEPAD with a commitment to good governance, accountability and the rule of law. He considered monetary cooperation as integral to the wider effort to unite Africa.

This year?s Assembly meetings were enriched by a seminar on Payments Systems as well as a symposium on the Implications of Basle II Accord for Bank Supervisors in Africa. These two events brought to the fore the enormous benefits to be gained from international best practices in African financial systems.

2. Governors commended all the sub-regions for progress achieved in the implementation of the African Monetary Cooperation Programme (AMCP). All sub-regions had put in place regional frameworks for monetary integration. Governors urged member countries to redouble their efforts towards the achievement of macroeconomic convergence.

3. Governors observed that for successful implementation of AMCP, members should strive to harmonize concepts, methodologies and statistical frameworks. In this regard, the Assembly of Governors decided that a continental seminar be held in 2006 to adopt common strategies for harmonizing concepts, methodologies and statistical frameworks.

4. Governors welcomed the participation of the delegation from the Commission of African Union to the meeting. The Governors stressed the need for continuous cooperation between the two bodies in achieving Economic and Monetary Union for Africa.

5. Governors agreed in principle to set up an expert working group on payments system and the AACB Bureau was to come up with the modalities for its implementation.

6. Governors agreed that the theme for the 2006 symposium would be ?Domestic Capital Markets and Mobilization of Resources for Growth and Poverty Reduction.?

7. The Assembly elected Dr. Paul A. Acquah, Governor of the Bank of Ghana as the Chairperson of the AACB for the 2005/2006 year. The composition of the AACB Bureau for 2005/2006 comprises the following:

- Governor, Bank of Ghana (Chairperson) - Governor from a Central Bank from Southern Africa sub-region(Vice-Chairperson) - Governor, Banque Centrale de Congo, Central Africa sub- region (Chairperson). - Governor, Bank of Ghana, West Africa sub-region (Chairperson) - Governor, Central Bank of Mauritania, North Africa sub-region (Chairperson) - Governor, Banque Nationale du Rwanda, East Africa sub-region (Chairperson)

8. On behalf of the Association, the outgoing AACB Chairperson expressed gratitude to His Excellency, Mr. J. A. Kufuor, President of the Republic of Ghana, the people of Ghana, and the Bank of Ghana for the warm hospitality and excellent facilities placed at their disposal since their arrival in Accra.

Done in Accra, Ghana on 29th July, 2005.

Dr. Paul A. Acquah
GOVERNOR, BANK OF GHANA CHAIRMAN OF THE AACB