UNITED NATIONS
; ECONOMIC AND SOCIAL COUNCIL
Distr.
LIMITED
E/CN.I4/AMA/CA/3
11 November 1972.
ENGLISH
Original: FRENCH
ECONOMIC COMMISSION FOR AFRICA
FINAL REPORT OF THE MEETING OF THE CENTRAL AFRICAN
SUB-JtHGOTAL COMMITTEE OF THE ASSOCIATION OF AFRICAN CENTRAL BANKS HELD AT KINSHASA FROM 4 TO 6 SEPTEMBER 1-972
'"'!•■■.■ The Central African Sub—regional Committee of the Association of African
"Central Banks met at Kinshasa from 4 to 6 September 1972.
The agenda included the following items:
(a) Financing and conditionsof the development of the agricultural sector;
(b) The effects of the most recent international monetary crisis on
-African economies;
(c) Problems with regard to the work programme of the Association.
2. The representatives noted that the problems of agricultural financing were common to both monetary zones- Speaking of the type of agricultural activity carried out in both zones, the representatives made a distinction between traditional agricultural and modern agriculture.
Traditional agriculture consists mainly of food crops whereas the products of. modern agriculture are primarily intended for export. In the BCEAEC States, most agricultural commodities for export are produced by nationals, while in Zaire export production is largely in ther hands of large agricultural firms and is usually financed by foreign capital.
The problems of agricultural financing are particularly difficult for agricultural enterprises.which are managed by nationals. The participants noted that the solution to these problems lies in establishing specialized organs to deal w^th financing, and in building up a body of key personnel and in popularizing ihe techniques of farming and management. If the African countries would,take such,action, agriculture would play a more effective
role in their development. ■
3. The participants examined international monetary trends* and -the monetary disorders of recent years with particular emphasis on the effects of the
most recent monetary crisis on African economies. The main subjects discussed M73-4O5
1/CN.14/AMA/CA/3
Page 2 _ j.
under this item were the reduction in the foreign assets of the under privileged countries, the increase in their foreign deist and the
deterioration of their terms of trade.
In their consideration of the problem posed by the reform of the
international monetary system, the representatives expressed the view that the question could be examined only within the International Monetary Pond.
They expressed the hope that the Board of Governments of the Fund would be authorized to take the initiative on the following matters:
(a) The creation and control of international liquidities with a view to achieving an equitable development of the world economy and of
international trade;
(b) The decision as to whether any country, whether it be a credit :, ■, country or a deficit country, should re-valua^e its currency in
cases where a fundamental imbalance exists.
The representatives spoke of the need for a link between the establishment
of SDRs and development financing. As to how this shoul^b\fC™P^*' ^
they felt that some of the SDRs created could be made available to development agencies such as IDA and IFC for use in investment projects in connexion withunder-privileged countries.
The representatives felt that the African countries should work ^ VT together to reach a joint position for them to upheld during the forthcoming r negotiations on the reform of the international monetary system. +Inthis
connexion, they took the view that the Association of African ^ ^ provided the best framework for monetary consultation among the African
oountries.
For:that reason, any discussion of international monetary-problems and any monetary conference at the African level should be sponsored by the
Association, .'.._.' .. ...
'-' fee'following problems were also discussed: "'"■_
- The establishment of sub-regional payments systems;
^The role of financial, institutions in the mobilization of;;d6mestic
resource; -v ; ■ ■...■-
- Export credit financing; ' '
- Export credit insurance;
- The exchange'of technical assistance and advisory services among African Central Banks; .:'..."'.,' .,. ...
_.,'"- The organization of the next Association seminar-at Tunis; . .,.
- Subscription ' ^o the common fund of the-Association.
The representatives agreed to hold their next meeting at Libreville,;; :;.
Gabon, in September 1973.
I/CN.14/AMA/CA/3
Page 3
LIST OF PARTICIPANTS
A» BANQUE DU ZAIRE 1. Citoyen Gouverneur
2, Members of the General Management Committee
MONDANGA
TSHISHIMBI wa BILMGA
BIEME NGALISAME MOKELO mo NGWE-e-MBOU LUNDU MPONGO ' - ■■- ■ '
3* Department representatives
(a) Credit Department
KAZADI MEviEO-mtlNKILA
(b) Department of Current Accounts and Public Funds
BADIBANGA KABWE ka NTANDA
(c) Department of Administration
NDONG£NDEBA~~SANGA MANGOLA
(d) Department of Buildings
WANZOLA NIANGA N'SELE
ve) 5ecretar_iat KALiNGA' f
(f) Department of Personnel MJLAMBA ke~~TCHOMBA'
(g) Inspection Department (of the Bank)
TSHIBITSHIABO KEBABIEBA wa MUKAYA
00 -In35.gctj.on Depar-cment (of other Banks) ftZANDQ MPOLUBUNZI MPMBALOMBE
(i) Department of ^bcchan^e Regulations and International Agreements
TSHIBUABUA-NGANHI ™~™"
(j) Foreign Payments Department (supervision and statistics)
MANTOMINA KIALA '
Accounting and Budget Department NDOLO
(l) Treasuiy
KANDOLO wa NGALULA
3r Bank officials
MAVAKAUI BUHEMIWA KAZADI
TSHIBUAEUA- -NGANDU KASUSULA
KWEY ANDABHATI
B, PAR^ICIFAM'S j'RCgj OUTSIDE THE BfflKSJE_KJ_C0NOO Mr. JOODTOU
Mro TAMOKO Mr, SACK
?,r* ICATA3I