Abuja Treaty 5003330 225945772 2008-07-16T03:45:51Z Bunnyhop11 7345738 /* The African Central Bank */ {{portal|Africa}} {{Politics of the African Union mini}} The '''Abuja Treaty''' is a Pan-African international agreement signed on June 3rd [[1991]] in [[Abuja]], [[Nigeria]]<ref>[http://www.uneca.org/itca/ariportal/abuja.htm Abuja Treaty<!-- Bot generated title -->]</ref>. The treaty created the [[African Economic Community]]. ==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]].<ref name="AEM-Creation">{{cite web | author = Paul R. Masson and Heather Milkiewicz | year =Jul, 2003 | url=http://www.brookings.edu/comm/policybriefs/pb121.htm | title =Africa's Economic Morass--Will a Common Currency Help? | work = The Digital Collegian | accessdate =2006-04-22 }}</ref>. 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]]{{Verify source|date=April 2008}}. The '''Abuja Treaty''' is an international agreement signed on June 3rd [[1991]] in [[Abuja]], [[Nigeria]]. {{Fact|date=February 2008}} The treaty created the [[African Economic Community]] and will cover most of [[Afrozone]] {{Verify source|date=April 2008}}. The current timeline established by the [[Abuja Treaty]] calls for the afro to be instituted by the [[African Central Bank]] by [[2028]]. {{Fact|date=February 2008}} [[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 [[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: * [[Algeria]] * [[Angola]] * [[Benin]] * [[Botswana]] * [[Burkina Faso]] * [[Burundi]] * [[Cameroon]] * [[Cape Verde]] * [[Central African Republic]] * [[The Comoros]] * [[Republic of Congo]] * [[Cote d'lvoire]] * [[Djibouti]] * [[Egypt]] * [[Ethiopia]] * [[Equatorial Guinea]] * [[Gabon]] * [[The Gambia]] * [[Ghana]] * [[Guinea]] * [[Guinea Bissau]] * [[Kenya]] * [[Lesotho]] * [[Liberia]] * [[Libya]] * [[Madagascar]] * [[Malawi]] * [[Mali]] * [[Mauritania]] * [[Mauritius]] * [[Mozambique]] * [[Namibia]] * [[Niger]] * [[Nigeria]] * [[Rwanda]] * [[Sahrawi]] * [[Sao Tome and Principe]] * [[Senegal]] * [[Seychelles]] * [[Sierra Leone]] * [[Somalia]] * [[Sudan]] * [[Swaziland]] * [[Tanzania]] * [[Tchad]] * [[Togo]] * [[Tunisia]] * [[Uganda]] * [[Zaire]] * [[Zambia]] * [[Zimbabwe]] ==See also== * [[GAFTA]] * [[ECOWAS]] * [[AMU]] * [[EURO]] * [[Afro (currency)]] * [[CAF]] * [[North American currency union|Amero]] * [[African Central Bank]] * [[Eco (currency)|Eco]] * [[Khaleeji]] * [[List of trade blocs]] ==References== <references/> ==External links== * [http://www.uneca.org/itca/ariportal/abuja.htm Text of the Abuja Treaty] - from the [[Economic Commission for Africa]] * Dr Karis Muller, [[Australian National University]]: [http://www.humanitas.edu.pl/hjes/1vol_issue1/09_karis_muller.pdf The Euro And African Monetary Integration], in [http://www.humanitas.edu.pl/hjes/ Humanitas Journal of European Studies], Volume I, Issue 1, November 2007 * [http://portal.unesco.org/culture/en/ev.php-URL_ID=29133&URL_DO=DO_TOPIC&URL_SECTION=201.html The Afro, a prototype currency for all Africa]. * http://www.babylon.com/definition/Afro_(currency)/English * http://acronyms.thefreedictionary.com/Afro * http://books.google.com/books?id=M8Tuw19yhWMC&pg=PA253&lpg=PA253&dq=%22african+central+bank%22&source=web&ots=WCF7x165IC&sig=41Fy-DLGxY44RUin2Lnx93n7au8 * http://www.ossrea.net/publications/newsletter/feb06/article6.htm * http://commentisfree.guardian.co.uk/calestous_juma/2007/07/right_vision_wrong_strategy.html * http://news.bbc.co.uk/1/hi/business/2223053.stm * http://books.google.com/books?id=9cejA35XvBgC&pg=PA61&lpg=PA61&dq=%22african+central+bank%22&source=web&ots=PwMSRLi7PJ&sig=4CJvZZJ4iMLlYA_B_3q_x02Mb7I * http://64.233.183.104/search?q=cache:GMkMvmls5YEJ:www.edpsg.org/Documents/Dp14.doc+%22African+Central+Bank%22&hl=en&ct=clnk&cd=10&gl=uk * http://books.google.com/books?id=mcYnx7bTYG8C&pg=PA30&lpg=PA30&dq=%22african+central+bank%22&source=web&ots=TYDHZysz60&sig=URRdBWI7SM6W0VCpYXzcYVFSRPY ==Portals== {{portal|Africa}} {{portal|South Africa}} {{portal|Egypt}} [[Category:Treaties]] [[Category:Monetary unions]] [[Category:Currencies of Africa]] [[Category:Economy of the African Union]] [[Category:Proposed currencies]] [[Category:Banks of the African Union]] [[Category:Central banks]] [[ca:Banc Central AfricĂ ]] [[ca:Afro]] [[pt:Afro (moeda)]]