Cameroon to Host Monetary Fund Headquarters

(PANA)--Cameroon will host the headquarters of the African Monetary Fund, which will be formed with the sole aim of promoting trade within the African continent, the Addis Ababa-based African Union (AU) Commission announced on Monday.

A team of experts has been constituted to oversee the modalities of setting up the Fund, with its headquarters in Yaoundé, Cameroon, the AU Commission said.

AU Commissioner for Economic Affairs Maxwell Mkwazelamba signed the hosting agreement with the Cameroonian government at the just-concluded African Union Assembly of heads of state and governments, held in Sharm El Sheikh, Egypt.

Cameroonian External Affairs Minister Henri Eyebe Ayissi and Commissioner Mwkazelamba signed the accord, providing for the setting up of an expert panel, known as the Technical Steering Committee, to oversee the implementation of the agreement.

The African Monetary Fund will undertake studies on Africa’s macro-economic policy developments along the models of the International Monetary Fund (IMF), which has been criticised by some African countries for its stringent economic policies.

The setting up of the African Monetary Fund, a clear step to put Africa on the path to economic autonomy as far as setting achievable economic objectives is concerned, will be backed by the setting up of two other autonomous African financial institutions.

The African Central Bank is slated to be based in Libya while efforts are also underway to set up the African Investment Bank.

According to the AU headquarters, Cameroon will offer the required tools to ensure the successful hosting of the headquarters in Yaoundé under the accord signed in Sharm El Sheikh on 30 June on the sidelines of the AU Heads of State Assembly.

"The Fund will act as a clearing house and will also undertake macro-economic purveyance within the continent," Mwkazelamba said.

"The MOU contains details regarding what Cameroon will provide, in terms of facilities, to this new institution and also our obligations as the African Union Commission to make sure that the work actually starts," he added.

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