Financial Stability Symposium Opens in Rabat, Morocco

Financial Stability Symposium Opens in Rabat, Morocco

A regional financial stability symposium has open in Rabat,
Morocco will a fresh look at the need to have an integrated financial and
payments system to ease trade on the continent.

The symposium was officially opened this December 9, 2019 by
John Rwangombwa, the Chairman of Association of African Central Banks, and
Governor of Rwanda Central Bank.

Rwangombwa said that Africa has achieved a key milestone in
regional integration and financial stability is a critical foundation for
sustained growth of any economy.

He said that therefore, this should remain a top priority
for African countries individually and collectively to pursue multiple
development goals for the continent.

This is against the recent signing of the African
Continental Free Trade agreement was signed in Kigali, by Heads of State of the
African Union (AU) member countries in March 2018, in Kigali city, Rwanda.

The main objective of the CFTA is to create a single
continental market for goods and services as well as a customs union with free
movement of goods and services across the continent.

In less than a year of signing the agreement, the First
Intra-African Trade Fair was held in Cairo- Egypt. From this trade fair,
business deals of over US$32 billion were concluded, well above the initial
target of US$25 billion.

“This exceptional achievement is proof to a potent force of
what a united Africa is capable of achieving and a vote of confidence to the
financial sector integration” he said.

After the ACFTA deal Rwangombwa said that, now Africa has in
particular to integrate its payment systems to allow seamless payments for
goods and services across our borders without having to first go through other
financial institutions outside our continent.

He however cautioned that individual African Central banks
should build safer and resilient systems to address systemic risk, in order to
avoid incidences like the Global financial crisis.