The governor, Central Bank of Nigeria, Mr. Olayemi Cardoso, has said the monetary authorities will formulate policies that enhance trade among countries on the continent.
Cardoso made the disclosure while speaking at the 2024 African Caucus meeting of Central Bank Governors and Finance Ministers from across the African continent with the theme: “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa.”
He said: “We can achieve this by fostering a financial landscape that encourages collaborative research and development (R&D) to support our industries and generate economic wealth for our growing populations.
“Decisions on currency convertibility, cross border transactions, payment systems, cross border movements of our people, goods, and services, as well as financial policy, will be instrumental to determining the success of the AFCTA.”
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Cardoso assured delegates from across the continent and beyond of Nigeria’s commitment to the vision of a united and economically integrated Africa.
“It is crucial that monetary and fiscal policies provide robust responses to mitigate the risks of rising inflation and the lingering effects of adverse supply shocks, which have significantly impacted our economies.
“I encourage us to share insights on our respective country experiences, working together in the spirit of unity that defines our continent.
“As we reflect on these issues, let us commit to a deeper understanding of these challenges and collaborate effectively to address them”, he said.
The need to lower borrowing costs for African countries was also emphasised to make capital more accessible and affordable for the continent.
This sentiment was echoed by Dr James Alic Garang, Governor of the Bank of South Sudan and Chair of the Monetary Affairs Committee for the East African Community who spoke with journalists on the sidelines of the African caucus meeting, holding in Abuja Nigeria.
According to Dr Garang, reforming the global financial architecture would enable countries to invest in crucial infrastructure and development projects without being burdened by excessive debt.
“There are things that need to be done for us to realize the potential that we have as a continent, and that is the need to reform the global financial architecture.
“It revolves around three things: the need to reduce the cost of borrowing, enhance access to finance, and harmonize policies among ourselves, ensuring that the voices of Africa are heard at the table,” Dr. Garang stated.
He also highlighted critical areas such as energy access, where the African Development Bank and the World Bank are taking leading roles in supporting initiatives across the continent.
Ensuring reliable and sustainable energy sources is vital for economic development, as it impacts everything from industrial growth to education and healthcare services.
In addition to financial reforms and energy access, addressing youth unemployment remains a top priority.
“The governors are very conscious about the level of unemployment today in the region and on the continent, especially among the youth.
“As a result, there is going to be a section in the memorandum that focuses on improving youth employment and opportunities across the board. This is not just for one country; it’s from east to south and west to east of Africa.
“The governors are very conscious and will be ensuring that policies that focus on the youth agenda and youth employment will be addressed,” Dr. Garang added.
The Chair of the Monetary Affairs Committee for the East African Community maintained that with strong leadership and coordinated policies, Africa can navigate its challenges and pave the way for a prosperous future for all its people.
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