Abuja Treaty

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The Abuja Treaty is a Pan-African international agreement signed on June 3rd 1991 in Abuja, Nigeria[1]. The treaty created the African Economic Community.

Contents

[edit] The African Central Bank

The African Central Bank (ACB) is one of the three financial institutions of the African Union. It will over time take over responsibilities of the African Monetary Fund.

The creation of the ACB, to be completed by 2028 was first agreed upon in the 1991 Abuja Treaty. The 1999 Sirte Declaration called for a speeding up of this process with creation by 2020.[2].

When it is fully implemented via Pan-African Parliament legislation, the ACB will be the sole issuer of the African Single Currency, will become the banker of the African Government, will be the banker to Africa's private and public banking institutions, will regulate and supervise the African banking industry, and will set the official interest and exchange rates; in conjunction with the African Government's administration.

[edit] The concept of the 'Afro' currency

The Afro is the proposed official currency of the African Union[verification needed].

The Abuja Treaty is an international agreement signed on June 3rd 1991 in Abuja, Nigeria.[citation needed] The treaty created the African Economic Community and will cover most of Afrozone[verification needed].

The current timeline established by the Abuja Treaty calls for the afro to be instituted by the African Central Bank by 2028.[citation needed]

Egypt, Swaziland, and Lesotho have logged reservations over the precise date of monetary union and have requested a 2 to 3 year delay. (According to the BBC on January the 3rd, 2008.). The Seychelles may not join as a result of economic fears and may, like Cape Verde, attempt to join the euro at a later date.

[edit] Signatories

Signatories to the treaty were:

[edit] See also

[edit] References

  1. ^ Abuja Treaty
  2. ^ Paul R. Masson and Heather Milkiewicz (Jul, 2003). Africa's Economic Morass--Will a Common Currency Help?. The Digital Collegian. Retrieved on 2006-04-22.

[edit] External links

[edit] Portals

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