The African Union is stepping up efforts to align monetary policies across the continent as part of a broader push to deepen Africa’s financial integration under its long-term development blueprint, Agenda 2063.

This renewed drive follows discussions at a high-level side event in Washington, hosted by the AU’s Permanent Mission to the United States in collaboration with AfriCatalyst, where stakeholders examined progress toward operationalising the African Monetary Institute (AMI).

The AU said the institute already endorsed by African Heads of State represents a critical step toward establishing a continent-wide central banking system and, ultimately, a single African currency. Once operational, the AMI is expected to facilitate closer monetary cooperation, promote policy alignment among member states, and drive macroeconomic convergence.

According to the organisation, the institute will also complement existing integration efforts, including the African Continental Free Trade Area, by strengthening financial systems to support cross-border trade and investment. It is projected to improve financial resilience, lower transaction costs, and enhance economic stability across the region.

Beyond its technical role, the initiative is designed to raise awareness about the benefits of a unified financial system while reinforcing collaboration among central banks, finance ministries, and African multilateral institutions. The AU added that sustained engagement with stakeholders including the African diaspora will be key to building support for the continent’s monetary integration agenda.

Ultimately, the AU expects the process to consolidate commitment among member states and financial institutions, while accelerating advocacy for the full take-off of the AMI as Africa moves toward greater economic autonomy.