The Association of African Central Banks (AACB) has on Wednesday, met in Yaoundé, Cameroon for a three-day workshop to discuss the impact of climate change on the continent.
The theme is “Impact of climate change on food security and Inflation in Africa: the role of the Financial Sector in Financing Agriculture and the Green Economy”.
“The vulnerability of food production to climatic conditions creates a strong dependence of African countries on imports, which leads in turn to their high exposure to imported inflation,” the Association said, pointing out that in such a context there is an urgent need to boost agricultural financing while remaining respectful of environmental standards.
The ongoing workshop will work to “identify the main climate shocks in Africa and the new challenges related to food security; take stock of food insecurity and inflation, while highlighting the main factors that cause them; contribute to a better understanding of the role of central banks in stabilizing prices and the role of the financial system in a context marked by climate change”.
With about 40 members to date, the AACB is a framework for dialogue on monetary and financial issues.
Among other objectives, the association aims to “promote monetary, banking and financial cooperation in Africa; contribute to strengthening efforts to establish and maintain price stability and financial stability in Africa; consider the advent of a single currency and a single central bank for the whole continent”.