President urges African leaders to ratify Investment Bank Legal instrument

President Nana Addo Dankwa Akufo-Addo has urged African Union Member States who have not signed and ratified the legal instrument for the African Investment Bank and Monetary Fund to expedite the process of accession.

He encouraged them to ensure that efforts are coordinated leading to the operationalization of the African Monetary Institute, the establishment of the Pan African Stock Exchange, and the setting up of the African Payment and Settlement System in 2020.

He said it was time to develop financial integration and autonomy for the Continent.

President Akufo-Addo made the appeal in a speech read on his behalf by Madam Shirley Ayorkor Botchwey, Minister of Foreign Affairs and Regional Integration, at the Second Mid-Year Coordination Meeting between the AU, Regional Economic Communities (RECs), Regional Mechanisms and Member States.

The Mid-Year Coordination Meeting is the principal forum for the AU, RECs and regional mechanisms to harmonise their work and coordinate implementation of the continental integration agenda.

The virtual meeting takes place amid the impact of the COVID-19 pandemic on the socio-economic situation of the Continent, which requires high-level coordination and streamlining of efforts.

The meeting discussed the draft proposals on the Effective Division of Labour between the AU, RECs, regional mechanisms and member states.

President Akufo-Addo, also the Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS), said Article 19 of the Constitutive Act of the African Union provided for the establishment of its financial institutions, a flagship project of Agenda 2063.

These include the establishment of an African Central Bank, the African Monetary Fund, the African Investment Bank and the Pan-African Stock Exchange.