Abuja Treaty

Abuja Treaty
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Abuja_Treaty".

content

Africa portal

African Union
This article is part of the series: Politics and government of the African Union

Institutions Casablanca Group Union of African States Organisation of African Unity African Economic Community African Unification Front Executive Assembly Chairperson Commission Chairperson Conference and Events Peace & Sec. Pol. Affairs Infra. & Energy Soc. Affairs HR, Sci., & Tech. Trade and Industry Rural Econ. & Agri. Economic Legal Counsel Executive Council Rep. Committee Legislature Pan-African Parliament President Bureau Secretariat List of members Permanent Committees Rural Econ., Agri., Resources, Eviron. Monetary & Financial Trade, Customs, & Immigration Cooperation, IR, & Conflict Transport, Industry, Communications, Energy, Science, & Tech. Health, Labour, & Social Educ., Culture, Tourism, & HR Gender, Family, Youth, Disabilities Justice & Rights Rules, Privileges, & Discipline Judiciary Sirte Declaration Constitutive Act of the AU Law Charter on Rights Commission on Human and Peoples' Rights Court of Justice Court on Human and Peoples' Rights List of judges Advisory bodies Peace and Security Council Economic, Social, and Cultural Council Specialised Technical Committees Rural Econ., Agri. Monetary & Financial Trade, Customs, and Immigration Industry, Sci. & Tech., Energy... Transport, Comm., Tourism Health, Labor, Social Edu., Culture, & Human Resources Financial bodies AEC Pillars (Abuja Treaty) CEN-SAD COMESA EAC ECCAS/CEEAC CEMAC ECOWAS UEMOA WAMZ IGAD SADC SACU AMU/UMA African Central Bank African Monetary Fund African Investment Bank New Partnership for Africa's Development African Peer Review Mechanism Decentralised bodies Agencies of the AU Related topics Elections Enlargement Foreign relations
Other countries · Atlas Politics portal view • talk •

The Abuja Treaty is a Pan-African international agreement signed on June 3, 1991 in Abuja, Nigeria¹. The treaty created the African Economic Community.

1 The African Central Bank
2 The concept of the 'Afro' currency
3 Signatories
4 See also
5 References
6 External links
7 Portals

The African Central Bank

The African Central Bank (ACB) is one of the three financial institutions of the African Union. It will over time take over responsibilities of the African Monetary Fund.

The creation of the ACB, to be completed by 2028 was first agreed upon in the 1991 Abuja Treaty. The 1999 Sirte Declaration called for a speeding up of this process with creation by 2020.².

When it is fully implemented via Pan-African Parliament legislation, the ACB will be the sole issuer of the African Single Currency, will become the banker of the African Government, will be the banker to Africa's private and public banking institutions, will regulate and supervise the African banking industry, and will set the official interest and exchange rates; in conjunction with the African Government's administration.

The concept of the 'Afro' currency

The Afro is the proposed official currency of the African Union. [3] [4] [5]

The Abuja Treaty is an international agreement signed on June 3, 1991 in Abuja, Nigeria.^{citation needed} The treaty created the African Economic Community and will cover most of Afrozone^{verification needed}.

The current timeline established by the Abuja Treaty calls for the afro to be instituted by the African Central Bank by 2028.^{citation needed}

Egypt, Swaziland, and Lesotho have logged reservations over the precise date of monetary union and have requested a 2 to 3 year delay. (According to the BBC on January the 3rd, 2008.). The South African rand is presently acting as legal tender in South Africa, Swaziland, Lesotho, Namibia and through out the Common Monetary Area. The Seychelles may not join as a result of economic fears and may, like Cape Verde, attempt to join the euro at a later date.

Signatories

Signatories to the treaty were: ³ ⁴

^{Foot notes-}

^{† = Uses the S. African Rand.}
^{‡ = Uses either the West African CFA franc of Central African CFA franc (C.F.A.).}
^{¶ = Lodged a formal reservation over the start date, etc.}
^{∞ = Planning to launch a currency called the Eco at an earlier date.}
^{¤ = American $s can be freely used on an informal basis.}
^{~ = Once mooted joining the Euro in the long term.}