In line with presidential directives to boost Egyptian-African cooperation and integration, the Central Bank of Egypt (CBE) hosted the inaugural meeting of the African Financial Stability Committee (AFSC) from December 9–11, 2024. Under the leadership of CBE Governor Hassan Abdalla, the event aimed to advance financial stability across the African continent.
The meeting was launched by Tarek ElKholy, Deputy Governor of the CBE, on behalf of Governor Abdalla. It saw the participation of key figures, including Waesh Khodabocus, Chair of the AFSC and representative of the Bank of Mauritius, Djoulassi Oloufade, Executive Secretary of the Association of African Central Banks (AACB), along with representatives from several African central banks and CBE’s Macroprudential and African Cooperation sectors.
In his opening remarks, ElKholy highlighted the significance of the committee’s creation, noting: “The unification of African nations in a single committee marks the beginning of a more stable and harmonized financial system, which is vital for sustainable economic growth. Given the challenges Africa has faced in recent years, it is crucial to enhance financial stability across the continent through coordinated efforts, enabling Africa to have a unified voice on the global stage.”
The AFSC’s establishment represents a milestone in Africa’s financial governance. It will be the first committee to issue a Financial Stability Report (FSR) that covers all African central banks. This report will assess the performance and development of African financial institutions through a comprehensive risk assessment framework. Additionally, the AFSC will utilize analytical tools and macroprudential policies to safeguard the stability of African financial systems and recommend preemptive measures against various risks.
The creation of the AFSC stems from a proposal by Governor Abdalla during the AACB’s annual meetings in September 2024, held in Mauritius. The committee’s establishment aims to maintain financial stability across Africa while operationalizing macroprudential policies to mitigate financial risks.
