African central banks are taking a significant step forward in strengthening monetary cooperation. Between 20 and 24 July 2026, a series of high-level meetings brings together central bank governors, finance ministers and monetary authorities around a common objective: reinforcing the continent’s financial stability while accelerating economic integration. Held simultaneously in West and East Africa, these meetings reflect a growing determination to build a more resilient African financial architecture capable of supporting the ambitions of the African Continental Free Trade Area (AfCFTA).
In Abidjan, the African Union Commission is holding, from 20 to 24 July, the 9th Joint Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration, alongside the STC on Trade, Industry, Tourism and Minerals. Held under the theme “Financing Africa’s Industrialisation for Sustainable Development,” the meeting gathers central bank governors, finance ministers, African financial institutions and international partners.
Discussions focus on financing industrialisation, integrating African financial markets, coordinating monetary policies, mobilising domestic resources, developing continental payment systems and strengthening economic resilience against external shocks. Participants are also examining mechanisms to encourage private investment and support strategic projects under the African Union’s Agenda 2063.
Kampala Strengthens East African Central Bank Coordination
Meanwhile, Kampala, Uganda, hosts the 29th Ordinary Meeting of the Monetary Affairs Committee (MAC) of the East African Community (EAC) from 20 to 23 July. Governors of member states’ central banks are working to deepen the harmonisation of monetary and prudential policies ahead of the adoption of the final communiqué on 24 July.
The agenda includes regional financial stability, payment system interoperability, banking integration, supervision of cross-border financial institutions, macroeconomic risk management and stronger cooperation among monetary authorities, paving the way for deeper financial integration across East Africa.
A Common Response to Global Economic Challenges
These two events illustrate a shared awareness of the challenges facing African economies. Persistent inflation, volatile international markets, exchange rate fluctuations, rising geopolitical tensions, cyber threats and rapid digital transformation all require closer cooperation among the continent’s central banks.
Monetary authorities are expanding cooperation in monetary policy, banking supervision, foreign exchange reserve management, financial cybersecurity and the development of central bank digital currencies (CBDCs). The objective is to anticipate systemic risks while progressively harmonising regulatory frameworks and strengthening investor confidence.
AfCFTA as a Driver of Financial Integration
This momentum directly supports the implementation of the African Continental Free Trade Area. To boost intra-African trade, central banks aim to accelerate the interconnection of payment infrastructures and promote settlements in local currencies. Such progress would reduce transaction costs, decrease dependence on foreign currencies and facilitate trade across African economies.
Financial technology also occupies a central place in this strategy. As mobile money, fintech companies and digital payment solutions continue to expand, central banks are working to establish regulatory frameworks that balance innovation, financial inclusion and consumer protection.
Towards Greater Financial Sovereignty
Beyond technical considerations, the growing cooperation among African central banks reflects a broader ambition: building a financial governance system capable of supporting Africa’s industrialisation and sustainable development. By strengthening policy coordination, monetary authorities are creating a more stable and attractive investment environment while better serving the needs of African businesses.
The meetings in Abidjan and Kampala confirm that monetary cooperation is becoming one of the pillars of African economic integration. As the AfCFTA advances and financing needs for industrialisation continue to grow, central banks are emerging as key drivers of the continent’s economic transformation, helping to build a more integrated, resilient and inclusive African financial space.
