The declaration comes after two days of talks at the annual meeting of the Association of African Central Bank Governors in the Ugandan capital, Kampala.
"The governors agreed to work towards an effective implementation of the well-timed and phased convergence process, which will usher in a single currency and common central bank in Africa," the governors said in a statement.
The governors told a press conference they had assessed progress made by sub-regional economic blocks to arrive at the target year of 2021 for a single currency in Africa.
"The East African Community, for example, is in an advanced state of having a customs union," said Bank of Uganda governor Tumusime Mutebile, who was elected the new chairperson of the 38-nation Association of African Central Bank Governors.
But they cautioned, however, that this will only be possible if they received the necessary political commitment.
The governors said most of the sub-regions have started implementing activities planned in what Mutebile called "Stage II, which means moving towards harmonised customs policies".
"In this regard, the governors made a commitment to ensure monetary and financial policy harmonisation and macro-economic convergence in Africa," the statement said. – Sapa-AFP.
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