African monetary union by 2021, and a single currency

"The 27th annual meeting of the African Central Banks Union has fixed 18 years to establish the African Monetary Union and the single currency," the Libyan official news agency reported.

The report said "The governor of the Ugandan central bank, who was selected as the new chairman of the African Central Banks Union, said in a press conference at the end of the two-day meetings in the Ugandan capital Kampala 'we have determined the year 2021 as the year for the establishment of the African Monetary Union but we would not wait until then and we will act to make it a living reality before the set period."

The report added "He expressed his hope that governors of African Central Banks work for the achievement of economic integration and convergence to establish the single currency and the African Central Bank."