Weekly Africa Update
Nos.2&3—Week of 23-27 February; 2-6 March 2009

RECs—The Department of Economic Affairs of the AU Commission, in collaboration with the AU’s regional economic communities(RECs) will organize a Congress of African Economists in Nairobi, Kenya from 2-5 March. The Congress will bring together thinkers, specialists and practitioners from Africa and beyond to discuss the theme “Towards the Creation of a Single African Currency: Review of the Creation of a Single African Currency.” 

The first Congress of its kind, it comes in the wake of further efforts to build and consolidate an African Economic Community by 2016. In order for this to happen, the AU has set many initiatives, including the rationalization of the RECs; the acceleration of the establishment of financial institutions provided for in the AU’s Constitutive Act. 

Experts will consider, analyse and propose an appropriate and holistic solution to the challenges hindering the development of the RECs. The recommendations of the meeting will eventually be submitted to the Conference of African Ministers of Economy and Finance(CAMEF) for consideration and adoption, before being finally submitted to the Assembly of Heads of State and Government for consideration and adoption for implementation. -- http://appablog.wordpress.com/2009/02/25/1st-congress-of-african-economists-to-be-held-in-nairobi-kenya/

COMESA—In an attempt to increase intra-regional trade among the 19 COMESA countries, the REC has launched a cross-border regional payment and settlement system, which sole objective is to ensure and allow a fast flow of goods among COMESA countries. COMESA clearing house chief technical advisor, Mr.Mahmood Mansoor, said the system was established to eliminate mistrust among traders because of the involvement of central banks. http://www.sundaynews.co.zw/inside.aspx?sectid=2863&cat=8

Arab Maghreb Union (AMU)—TunisiaMag reports that despite the fact that the five-member grouping (comprising Algeria; Libya; Mauritania; Morocco; Tunisia) of the Arab Maghreb Union is celebrating twenty years of its existence, there is really nothing to celebrate about. The report paints a gloomy picture of each of the five countries having a prescriptive version of what it means to be a member of the AMU. Furthermore, the paper suggests, the AMU has come to be eclipsed by the work of the six-member Gulf Cooperation Council (est.1981). http://www.tunisiamag.com/20090221319/World/Africa/the-maghreb-union-after-20-years-what-is-next.html

ECOWAS—The President of Guinea-Bissau President Nino Vieira has been murdered. According to the African Press Agency, Viera was killed on Monday in a retaliatory attack by soldiers for a bombing that claimed the life on the evening of Sunday 1 March of the Army Chief of Staff, General Tagme Na Waie, a senior official of the army told APA. Newspaper reports indicate that ECOWAS President Ibn Chambas has already dispatched an ECOWAS team to the country.  http://www.apanews.net/apa.php?page=show_article_eng&id_article=90458

SADC—A two-day SADC Council of Ministers Meeting in Cape Town closed February-ending. On the agenda were the issues of continental integration; regional pursuit of the COMESA-EAC-SADC Tripartite Summit decision of October 2008 for the establishment of a Free Trade Area of the three Regional Economic Communities (RECs) with the ultimate aim of establishing a single Customs Union (CU); conflicts in the region—viz: the Democratic Republic of Congo, Madagascar and Zimbabwe. 

On continental integration, SADC believes that regional institutions should first be strengthened before they merge into a United States of Africa; as regards the tripartite customs unions, “a feasibility study, methodology and timelines for the creation of the FTA and the facilitation of free movement of business persons; implementation of joint programmes of regional infrastructure development” among other things will be ready for discussion at Lusaka in April 2009. http://www.buanews.gov.za/news/09/09030211451003

CEMAC—At a meeting on Friday 27 February, the Economic and Monetary Community of Central Africa was urged to set up a regional road fund in Central Africa. Organised by the Central African States Development Bank (BDEAC), in partnership with the Francophone Business Forum (FFA) and the International Organisation for Migration (IOM), the meeting was attended by delegates from ECCAS and CEMAC member states. The objective of the meeting was to propose the establishment of a fund that would serve to mobilise necessary financing for road maintenance, which only usually amounts to 25 to 40 per cent of public regional investments. http://www.africanmanager.com/site_eng/detail_article.php?art_id=12867


Ends

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