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.
GV Institute of International Affairs Building and Sign (2 shots)
SV Interior Delegates at Conference
SV Officials seated at top table
SV Pan from Ghan delegates to other members
CU Mr. Bennani Ahmed of Morocco speaking in French
CU Kenya representative
CU Newly appointed Chairman Dr. Isong
SV Delegates applaud
SPEECH OF DR. CLEMENT ISONG
"I am sure you will give me the same cooperation as you gave my predecessors. Such cooperation among us is needed now more than ever, if we are to play our rightful role in fostering the development of African economies. Our last meeting in Rabat, coming as it did in the wake of the August 1971 dollar crisis, was useful in affording us the opportunity of harmonising our views with respect of the crisis and laying down guidelines as to what we considered as the essential elements of any realistic solution of the crisis. The international monetary system is still in a state of flux and, not only at this meeting but for the next year or so, we will still be pre-occupied with reforming the system."
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Background: 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.