AU Strengthens Macroeconomic Ties To Boost Africa’s Financial Integration

The African Union (AU) said on Thursday that it was intensifying efforts to strengthen macroeconomic coordination and build institutional frameworks for Africa’s financial integration, in line with Agenda 2063.

In a statement by its Permanent Mission to the United States and AfriCatalyst, the AU said its explanation comes on the heels of a side event on advancing the operationalisation of the African Monetary Institute (AMI), held at the AU Mission in Washington, U.S.

It said the establishment of the AMI, adopted by AU Heads of State and Government, marked a key milestone toward the creation of an African Central Bank and a future single currency.

“At a critical moment for continental integration, the AMI will support monetary cooperation, policy harmonisation, and macroeconomic convergence.

“It will also reinforce initiatives such as the African Continental Free Trade Area (AfCFTA),” the AU said.

According to the organisation, the institute is expected to enhance financial resilience, reduce transaction costs, and promote cross-border trade and investment.

It added that the AMI would also help build awareness of the benefits of a more integrated African financial system.

The AU said the initiative aimed to highlight recent progress, reaffirm continental commitment, and deepen awareness among African citizens, the diaspora and other stakeholders on Africa’s monetary integration agenda.

It added that the effort would also engage central banks, ministries of finance, and African multilateral financial institutions to explore technical cooperation and strengthen monetary coordination across the continent.

“The expected outcome is increased awareness of the mandate and role of the AMI.

“It will also strengthen commitment among the AU, African central banks, and multilateral financial institutions toward the continent’s financial integration and autonomy.

“It is further expected to boost advocacy in support of the operationalisation of the AMI,” it said.