African Central Bank Governors are set to converge in Abuja from today with the push for deeper intra African trade and change in the global financial architecture, which is presently skewed against the continent, topping the agenda.
The African Caucus primary goal is to address intra-African trade as a crucial catalyst for sustainable economic growth and to prepare input for the International Monetary Fund (IMF) and World Bank’s annual meetings to be held in Washington DC in October this year.
The meeting would be held in Abuja between August 1-3 and this year’s meeting comes against the backdrop of a sustained campaign for a relook at the global financial system, which Africaneconomic leaders agree favours developed economies to the detriment of developing countries, many of which are grappling with debt crises.
The 2024 African Caucus Meeting is hosted by the Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who is also the Governor of the International Monetary Fund (IMF) and the World Bank Group (WBG) for Nigeria and Chair of the 2024 African Caucus.
“The primary goal of the meeting is to address intra-African trade as a crucial catalyst for sustainable economic growth and to prepare input for the IMF and World Bank’s annual meetings,” said the organizers ahead of the conference in a brief.
Among the notable keynote speakers at the Abuja meeting is Bank of South Sudan Governor Dr James Alic Garang, who is credited with presiding over major reforms to integrate the world’s youngest country ‘sfinancial system.
Garang who is the current chairman of the East African Community Monetary Affairs Committee (EAC) is set to speak on his experiences with the complex global set up as he navigates the task of integrating thecountry’s financial system to the complex global order.
“Undoubtedly, several issues top our regional and global agenda today, including the realization that our planet faces unprecedented existential threats; that poverty is on the rise; and that geoeconomic fragmentation is on the upswing,” he said.
The push for a fair global financial system is a pet project for Dr Alic as well as other African economic and political leaders including President William Ruto of Kenya, African Development Bank (AfDB) President Akinwumi Adesina, Africa Export Import Bank (Afreximbank) President Prof Benedict Oramah and United Nations Secretary General Antonio Gutteres who have spared no opportunity to talk about it during various forums within the continent and without.
Since assuming his position in November 2023, Alic has spearheaded a transformative modernization plan for the Bank of South Sudan.