African Central Banks Bureau meets in Dakar, focuses on African Monetary Institute launch and monetary cooperation

The first 2026 meeting of the Bureau of the Association of African Central Banks Abca began on Thursday, May 7, at the BCEAO headquarters in Dakar. The meeting's agenda includes major issues shaping a common African vision on economic and financial matters, such as the progress report on the implementation of the African Monetary Cooperation Program PCMA, activities of the African Monetary Stability Committee, and the project group report on payment system integration. A key focus is the update on the establishment of the African Monetary Institute IMA. Yvon Sana Bangui, President of Abca and Governor of the Bank of Central African States BEAC, welcomed the progress made, anticipating the official launch of the IMA in September. He stated that the IMA's operationalization by September 2026 is a decisive step towards a continental monetary union. Francisca Tatchouop Belobe, Commissioner for Economic Development, Trade, Tourism, Industry, and Mines of the African Union Commission, emphasized the need for collaboration with Abca to ensure the IMA is adequately resourced to achieve macroeconomic convergence across the continent. She highlighted the IMA's role as a lever for harmonizing monetary policies and absorbing global shocks. The IMA is envisioned as a transitional body to prepare for the establishment of the African Central Bank BCA, with its headquarters in Abuja, Nigeria. The meeting will also review proposals for the IMA's organizational structure and budget, including