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ECA to Promote Africa Financial Integration Report in Ghana
Addis Ababa, 05 February 2009 (ECA) – The UN Economic Commission for Africa (UNECA) has scheduled a promotion session for its bi-annual report on Assessing Regional Integration in Africa on 11 February 2009 in Accra Ghana.
The Assessing Regional Integration in Africa has been published jointly by the ECA and African Union Commission every two years since 2004. The 2008 report that is to be promoted in Ghana is on the theme, “ Towards Monetary Integration in Africa”.
It is the third in a series of reports that provides empirical evidence on the progress and prospects of the African integration process, by measuring the level and rate of convergence of the macroeconomic and financial components on the continent, according to Mr. Joseph Atta-Mensah, Chief, Regional Integration, UNECA.
“The focus of the latest report is of particular relevance for Africa”, says Mr. Atta-Mensah, “given that the continental agenda approved by African leaders calls for the establishment of an African Economic Community (AEC) with a common central bank which will issue a single currency for the continent.”
In this regard the African Union has to establish an African Central Bank in Nigeria; African Investment Bank in Libya; and African Monetary Fund in Cameroon.
The report establishes that, although monetary union has its costs and benefits, the theoretical and empirical evidence suggests that, if established and sustained, regional currencies among developing country groupings can bring considerable benefits, similar to those expected from the introduction of the Euro.
The ceremony, which will be held at the Novotel Hotel as from 10 a.m. will be chaired by Dr. Temitope Oshikoya, Director General of the West Africa Monetary Institute, who will make the opening remarks.
The Report on “Assessing Regional Integration in Africa: Towards Monetary and Financial Integration in Africa” will be launched by Mr. Joseph Atta-Mensah, Chief, Regional Integration, UNECA.
Issued by the ECA Information and Communication Service P.O. Box 3001
Addis Ababa Ethiopia
Tel: 251 11 5445098 Fax: +251 11 5510365 E-mail: ecainfo@uneca.org Web: www.uneca.org Related Articles
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