Representatives of 23 african Central Banks are meeting in Lagos, Nigeria, from August 20-24th to try and establish a common position on reforms of the international monetary system.
Representatives of 23 african Central Banks are meeting in Lagos, Nigeria, from August 20-24th to try and establish a common position on reforms of the international monetary system. They are taking part in the third regular meeting of the Association of African Central Banks, founded in 1968 to promote monetary, banking and financial cooperation and to help to maintain fiscal stability on the Continent. Also attending the conference are observers from the Economic Commission for Africa (ECA), the World Bank and the International Monetary Fund (IMF), which is scheduled to hold its annual meeting in nairobi, Kenya, next month (September).
At the opening session, the Nigerian Federal Commissioner for Finance, Mr. Alhaji Shehu Shagari, urged the bankers to adopt a common approach to protect Africa's developing economies form the disastrous effects of the world monetary crisis. A message to the conference from R.K.A. Gardiner, Executive Secretary of the E.C.A., called for "the elimination of the colonial dependence of Africa in monetary affairs."
Dr. Clement Isong, Governor of the Central Bank of Nigeria, was elected Chairman of the Association, to succeed M. Bennani Ahmed, Deputy Governor of the Central Bank of Morocco.
THERE FOLLOWS A TRANSCRIPTION OF THE TWO SEQUENCES OF SOUND ON FILM, ONE IN FRENCH , THE OTHER IN ENGLISH. A TRANSLATION OF THE FRENCH IS INCLUDED IN THE COMMENTARY.