Dr Priscilla Muthoora Thakoor: 'There is a Collective Commitment in Africa to Strengthen the Resilience of the Financial Sector'

Dr. Priscilla Muthoora Thakoor: 'There is a Collective Commitment in Africa to Strengthen the Resilience of the Financial Sector'

The African Financial Stability Committee (AFSC), part of the Association of African Central Banks (AACB), which was recently presided over by the Bank of Mauritius, has presented its very first African Financial Stability Report. This report, covering 46 countries that represent 90% of Africa's GDP, evaluates financial stability mechanisms across the continent and provides recommendations to enhance the resilience of the African financial sector. The Bank of Mauritius has been appointed to lead the Macroprudential Policy Development and Implementation Working Group under the AFSC. This announcement was made during the 47th Assembly of Governors of the AACB, held on Friday, November 28, in Yaoundé, Cameroon, under the presidency of Dr. Priscilla Muthoora Thakoor.

In her speech, Dr. Priscilla Muthoora Thakoor emphasized the central role of the Association of African Central Banks in promoting economic and financial cooperation and integration across Africa. She also reaffirmed the collective commitment to deepen monetary cooperation, strengthen the resilience of the financial sector, and accelerate the integration of payment systems. "The Bank of Mauritius is honored to have chaired the AACB this past year and to have contributed to advancing economic and financial integration in Africa. The meeting in Yaoundé reaffirms the central role of the AACB in building a resilient, integrated, and sustainable African financial system," stated Dr. Priscilla Muthoora Thakoor.

This high-level meeting brought together Central Bank Governors, policymakers, and international partners to advance the agenda for monetary and financial integration on the African continent. Central to the discussions was the assessment of progress made by member countries within the African Monetary Cooperation Programme (AMCP), a vital pillar of the monetary convergence process in Africa. The Governors also discussed accelerating the establishment of the African Monetary Institute, approving the 2026-2028 work program of the Community of African Banking Supervisors, as well as the integration of payment systems at the continental level, leveraging national and regional infrastructures.

It is also noteworthy that Yvon Sana Bangui, Governor of the Central African States Bank, has been elected president of the AACB for 2026.