Guard against EU Crisis, Sanusi Tells Central Bankers

02 Mar 2012

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Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi

By Obinna Chima

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamed Sanusi, has advised African central bankers to be cautious over the rampaging debt crisis in the Euro zone.

Sanusi gave this warning in his welcome address at the first ordinary meeting of the Association of African Central Bank (AACB) in Abuja.

The CBN helmsman also urged his colleagues not to lower their guard on the continuing threats of global financial crisis. He insisted that sound economic policies, tailored and collaborative measures were needed to shield the economies of African countries from the downturn and return them to the path of sustainable growth.

He explained that the facilities that had been granted to the African central bank study group/steering committee, was to ensure the creation of a single bank for the continent and to achieve monetary integration.

On his part, the Commissioner for Economic Affairs of the African Union Commission (AUC), Dr. Maxwell Nkwezalamba, emphasised the need for the study group to complete its work on time.

Nkwezalamba expressed the hope that the study group/steering committee would continue to have the necessary human and financial resources to complete its work, assuring that the AUC was on its part, ready to discharge its responsibility in that regard.

He disclosed that the protocol and statute for the establishment of the African Investment Bank, already adopted by African Heads of State and Governments, was awaiting ratification. He added that the statute for the establishment African Monetary Fund was also being worked out and would be finalised by the meeting of the African Ministers of Finance and Economic Planning coming up in Addis Ababa, Ethiopia, in few weeks.

In his remarks, the Governor of the Reserve Bank of Malawi, who is also the Chairman of the AACB, Dr. Perks Ligoya, said the AACB meeting was held in Abuja, instead of Dakar, Senegal, because of the favourable environment provided by Nigeria.
He said: “We want to thank you (CBN) very much for the hospitality given to us all. The choice of Nigeria (for this meeting) was not by mistake but because of the good work that Nigeria,  in collaboration with the AUC in providing facilities for the Study Group that is working towards the joint strategy for the establishment of the African Central Bank.”

He enjoined Governors of Central Banks of Africa to take interest not only in economic affairs but also in the unfolding political developments on the continent. He frowned at the removal of the Governors of Central Banks of Zambia, Madagascar and South Sudan against the subsisting legislations governing their appointments.

Ligoya described the various moves as a threat to the autonomy of the central banks, saying that it could have negative impact on the financial stability and economic development of those countries.                              

Tags: Bankers, Business, Crisis, EU, Featured, Nigeria

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