Key amongst these would be the Constitutive Act of the African Union and the New Partnership for Africa’s Development (NEPAD). Central banks in Africa will have to face the implicit challenges in these initiatives. The political will to pursue monetary union, a single currency and an African central bank should not be under-estimated.
Article 44 of the Abuja Treaty calls for the harmonisation of economic policies across the African continent. The Treaty emphasises two important pillars of economic integration: the promotion of intraAfrica trade and the enhancement of monetary cooperation.