Establishement of an African monetary fund : executive summary

Abstract

The Assembly of Heads of State and Government of the Organization of African Unity at the economic summit held in Lagos, Nigeria, in April 1980, after considering the financial and monetary problems of African countries, decided inter alia..that an African Monetary Fund should be established not later than 1935~to~assist in overcoming these problems. In view of the importance and urgency which the Heads of State and Government attached to this decision, they directed that."a high level expert group should be set up as soon as possible to study and recommend the modalities for the establishment of an African Monetary Fund and submit its report thereon to the Ministerial follow-up 'Committee on International Trade and Finance for African Development1 not later than 1982.