African Monetary Institute begins setting up governance for future central bank

The African Monetary Institute (AMI) has begun establishing its governing structures, marking a new step in preparations for the future African Central Bank.

The development follows the adoption of the AMI’s statutes in February 2026 and comes after the Association of African Central Banks (AACB) reviewed arrangements for the institution’s governance during its annual meetings in Nairobi from Sept. 13 to 18.

Yvon Sana Bangui, governor of the Bank of Central African States (BEAC), was designated by his peers to serve on an interim basis as chairman of the AMI’s Board of Directors. The arrangement is part of a rotation system intended to ensure balanced representation of Africa’s five subregions within the institute’s governing bodies.

The inaugural Board of Directors is expected to meet in Abuja to appoint directors and members of its bureau, according to the statement issued after the AACB meetings.

The AMI is intended to serve as a preparatory institution for the broader African monetary architecture. Its establishment does not mean that a continental central bank or a single African currency is about to be introduced.

Instead, the institute is expected to work on the technical, institutional and economic conditions required for deeper monetary integration, including convergence between African economies and the harmonisation of monetary policies.

The African Union adopted the AMI’s statutes during its 39th Ordinary Session in Addis Ababa on Feb. 14-15, 2026, and called for the institute to become operational by September 2026. Member central banks were also asked to make staff available to support its initial operations and to provide the resources needed for its launch.

The AMI forms part of the financial institutions envisaged under the African Union’s integration agenda, alongside the African Monetary Fund and the African Investment Bank. The eventual African Central Bank is expected to play a role in developing a common monetary policy and managing a future single African currency.

Under the African Union’s Agenda 2063 framework, the creation of the African Central Bank is envisaged between 2028 and 2034, with Abuja proposed as its headquarters. The AMI’s establishment therefore represents an earlier institutional step toward that longer-term objective.

A major challenge remains economic and monetary convergence across the continent. African countries will need to make further progress in aligning their macroeconomic conditions and monetary policies before a continent-wide central banking framework can become operational.