Africa: Thorny Issues Worth Surmounting to Take the African Monetary Fund Off the Ground!

Ratifying the statutes, settling governance and capitalisation issues still remain hanging.

As participants at the just-ended Abuja seventh joint African Union conference of Ministers of Economy and Finance and ECA Conference of African Ministers of Finance, Planning and Economic Development beat their chests for having at long last adopted the statutes of the African Monetary Fund, one thing remains. Move beyond the statutes. It is certainly a good improvement but given that other interwoven conditions need to be put in place to reap the fruits of a common monetary union for the continent, staying just with the statutes would be a loud sounding nothing. Governance issues and capitalisation of funds need to be settled.

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