Abuja Treaty

The Abuja Treaty is a Pan-African international agreement signed on June 3rd 1991 in Abuja, Nigeria [ [http://www.uneca.org/itca/ariportal/abuja.htm Abuja Treaty ] ] . 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.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 ] .

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. [http://www.godlikeproductions.com/forum1/message562211/pg1]
[http://www.babylon.com/definition/Afro%20(currency)/Serbian]
[http://tech.mit.edu/V124/N25/basil25.25c.html]

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 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.

ignatories

Signatories to the treaty were: [ [http://www.dfa.gov.za/foreign/Multilateral/africa/aec.htm] ] [ [http://www.au2002.gov.za/docs/key_oau/aectreat1.htm] ]

* 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
* South Africa †
* Sudan
* Swaziland † ¶
* Tanzania
* Chad ‡
* Togo ‡
* Tunisia
* Uganda
* Zaire (DRC) ¤
* Zambia
* Zimbabwe †

^{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.

ee also

* GAFTA
* ECOWAS
* AMU
* EURO
* Afro (currency)
* Central African CFA franc
* Amero
* African Central Bank
* Eco
* Khaleeji
* List of trade blocs
* Monetary union

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://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

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