The African Union (AU) has appointed President Nana Addo Dankwa Akufo-Addo as “Champion of the African Union Financial Institutions.”
The creation of African Union Financial Institutions is one of the flagship projects of Agenda 2063, aiming at accelerating integration and socio-economic development of the continent.
The decision was taken by the 33rd Ordinary Session of the Assembly of Heads of State and Governments of AU on Monday, [February 10, 2020], in Addis Ababa, Ethiopia, and announced by the Chairperson of the AU, President Cyril Ramaphosa of South Africa.
The agreed timeframes in the first 10-Year Plan of Agenda 2063 were for the African Investment Bank and Pan African Stock Exchange to be established by 2016; the African Monetary Fund by 2018; and the African Central Bank and Single African Currency by 2034.
President Akufo-Addo thanked the Assembly for the honour of the appointment and stated that the “establishment of the AU Financial Institutions has always been at the centre of our agenda for continental integration, and that is why, over the years, we have adopted a treaty and several legal instruments to that effect.”
“The task to ensure these are done will be one of my immediate priorities. I will see to it that Ghana ratifies these charters promptly upon my return to Accra,” the President said.
He said the establishment of the African Union Financial Institutions was critical for not only enhancing resource mobilization on the continent, but also for providing the necessary impetus for growth and jobs creation.