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CBN Governor elected as ‘AACB’ President.

The Assembly of Governors of the Association of African Central Bank
Governors (AACB) has elected the Governor, Central Bank of Nigeria
(CBN), Mr. Godwin Emefiele as its President for the 2016 – 2017 year.

The decision to elect Emefiele as the next AACB President was taken
at the end of the 39th Ordinary meeting which ended in Abuja on Friday. 

The communique issued at the end of the meeting noted that the
unwinding of unconventional monetary policy (UMP) measures, adopted
during the financial crisis by the United States Federal Reserve and
central banks of developed countries, could have a negative impact on
African countries due to the interconnectedness of economies. 

However, the congress noted that the unwinding of unconventional
monetary policy (UMP) could be an opportunity for African countries to
develop appropriate measures to strengthen their resilience in the face
of exogenous shocks.

The Assembly of Governors therefore stressed the necessity for
African countries to diversify their economies and improve exports,
while limiting imports and also emphasised the urgent need for
coordination between monetary and fiscal policy across all African
countries.

The Governors equally examined the implementation status of the
African Monetary Cooperation Programme (AMCP) and pointed out the
inability of African States to sustainably meet some of the criteria for
macroeconomic convergence due to the negative impact of certain
variables within the international environment. 

They therefore urged African countries to strengthen efforts at
implementing structural reforms in order to diversify their respective
economies, improve the business environment and promote intra-regional
trade as a way of strengthening their resilience amidst external shocks. 

In reviewing the implementation of the work programme of the
Community of African Banking Supervisors (CABS), which it noted had
helped to set up an intranet platform for exchange of information among
African banks, the AACB disclosed plans to unveil a project for
collecting information on the activities of cross-border banks. This,
the AACB noted, would allow the identification of risks associated with
the activities.

Elected, alongside Mr. Emefiele, to run the affairs of the Bureau for
the period are the Governor of the Bank of Ghana as chairman of the
West African sub-region; Governor of the Central Bank of Mauritania,
Chairman of the North African sub-region; and the Governor of the Bank
of Central African States, Chairman of the Central African Sub-region.

Also elected were the Governor, Banque de la Republique du Burundi as
Chairman of the East African Sub-region and Governor of the Central
Bank of the Kingdom of Swaziland as Chairman of the Southern African
Sub-region.

Reading the communique at the end of the meeting of Governors, the
new AACB President, Mr. Emefiele disclosed that the nomination for the
Vice Chairman of the AACB, which is zoned to the South African
Sub-region, would be made known in due course.

              Image result for picture of Godwin Emefiele 
                   ‘CBN GOVERNOR’ EMEFIELE

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