The African Union, established as a unique Pan-African Continental
body, is charged with spearheading Africa's rapid integration and sustainable
development by promoting unity, solidarity, cohesion and cooperation
among the people of Africa and African States as well as developing
a new partnership worldwide. Its headquarters is in Addis Ababa,
capital of Ethiopia.
Article 44 of the Treaty establishing the African Economic Community
(Abuja Treaty) and Article 19 of the Constitutive Act of the African Union
respectively underscore the need for the “establishment of an African
Monetary Union through the harmonization of monetary zones” and
“creation of the three African financial institutions, namely the African
Central Bank (ACB), the African Monetary Fund (AMF) and the African
Investment Bank (AIB).” Within the framework of the creation of the
African Central Bank (ACB) and the African Monetary Fund (AMF),
Steering Committees are to be set up to carry out the preparatory work
ahead of the establishment of these Institutions.