Africa Renews Push for Monetary Integration as Zambia Gains Debt Upgrade
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At the Association of African Central Banks' 47th Assembly of Governors in Yaoundé, Cameroon on November 28, 2025, 41 central bank governors reviewed climate-related financial risks and progress toward the African Monetary Institute, tasked with establishing the African Central Bank. Chaired by Bank of Mauritius Governor Dr. Priscilla Muthoora Thakoor, delegates endorsed the African Monetary Cooperation Programme's convergence criteria and accelerated payment system integration.
S&P Global Ratings upgraded Zambia's long-term sovereign rating to CCC+ from Selective Default on November 21, 2025, citing debt restructuring progress and copper production rebound after the 2020 default. In Ghana, the cedi weakened to GH¢11.13/$ amid Christmas import demand despite inflation falling to 8% in October, curbing festive-season spending in Accra and Kumasi markets.
