The action came in line with directives from President Abdel-Fattah El-Sisi to strengthen integration with Africa and promote cooperation across various fields, and under the patronage of the CBE Governor Hassan Abdalla.
The meeting aims to draft the continent’s first Financial Stability Report, part of a push to strengthen financial systems and investor confidence as African economies face mounting debt and infrastructure gaps.
The participating group includes the CBE (representing North Africa), the South African Reserve Bank, the Central Bank of Eswatini and the Bank of Mozambique (Southern Africa); the Central Bank of West African States (BCEAO) (West Africa); the Bank of Central African States (BEAC) (Central Africa); and the National Bank of Rwanda and the Bank of Mauritius (East Africa).
It operates under the African Financial Stability Committee, created by African central bank governors, which held its first session in Cairo in December 2024. The committee’s mandate is to promote continent-wide financial stability from a macroprudential perspective and to align supervisory and macroprudential frameworks among member states.
The action came in line with presidential directives to strengthen integration with Africa and promote cooperation across various fields, and under the patronage of the CBE Governor Hassan Abdalla.
The opening session was addressed by Naglaa Nozha, advisor to the CBE governor for African affairs, and Ahmed Sahloul, assistant sub-governor for macroprudential risk oversight and chair of the working group.
They said the report would serve as a key reference for analysing economic and financial risks facing Africa, tracking developments in banking, non-banking, payment systems and capital markets, and recommending measures to strengthen stability and boost investor confidence in African markets.
The meeting marks the first step towards preparing Africa’s first continent-wide Financial Stability Report, which is due to be presented at the Association of African Central Banks meeting in Cameroon in November 2025.
The report will cover five main themes: the implementation of macroprudential policy frameworks, global and continental macroeconomic and financial developments, financial system risk analysis, the resilience of banking, non-banking, and financial markets, and the integration of African payment systems.
The CBE chairs the working group and also serves as the secretariat of the African Financial Stability Committee, positioning it at the centre of efforts to coordinate regional policy and strengthen institutional collaboration among African central banks.
Africa needs more than $182.3 billion annually to bridge gaps in energy, transport, and digital infrastructure, according to the World Economic Forum (WEF).
Public debt on the continent averages 65 percent of GDP, totalling $1.1 trillion, with nearly 40 percent of countries already in or at high risk of debt distress. About 60 percent of African states now spend more on servicing external debt than on healthcare.
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