Sanusi Seeks Closer Ties Among African Central Banks

Nigeria’s Central Bank Governor, Sanusi Lamido Sanusi, has called for greater cooperation among African central banks in developing strategies to enhance their regulatory functions and to meet the challenges of intervention in financial and economic crises on the continent.

At the 2011 Annual World Bank/IMF meetings holding in Washington D.C., the Sanusi hosted a high profile roundtable for African central bank governors, aimed at sharing views and experiences relating to the challenges of the ongoing global financial/economic crisis and the repercussions on their respective countries and the continent.

The event, which was hosted in association with the Commonwealth Business Council, received endorsements from many African central bank governors in attendance as well as policy makers from countries in Africa and Europe.

Echoing the sentiments of many other speakers, the Governor of the Central Bank of Mauritius, Rundheersing Bheenick, commended Sanusi for the initiative and recommended that it should become a regular agenda at the annual World Bank/IMF meetings where Africa-specific issues would be discussed.

The Governor of the Central Bank of Uganda, Mr. Emmanuel Tumusiime Mutebile, further endorsed this recommendation.

Bheenick stated that stronger cross-border cooperation in Africa was crucial, particularly in developing solutions to the difficulties facing the financial sectors, arising from the linkages and systemic risks within the global crisis.