African state bankers to strengthen co-operation

At a major summit held in Yaoundé, Cameroon, 41 central bank governors from across Africa agreed to strengthen monetary co-operation, reports africanews. The meeting also re-energised plans for deeper integration under the African Monetary Institute, which is expected to pave the way for the African Central Bank by 2026. Leaders emphasised the growing urgency of co-ordinated financial governance as climate impacts – ranging from droughts to floods – place increasing pressure on national budgets and banking systems. The renewed momentum reflects a shared commitment to long-term stability, resilience, and unified economic strategy. The meeting also looked at the importance of securing local-currency credit ratings, which many African nations continue to overlook. A local-currency rating helps governments raise funds domestically, reduces exposure to exchange-rate volatility.