To fulfill its commitments, Cameroon has initiated the ratification process for the protocol and statutes associated with the African Monetary Fund which were adopted almost a decade ago in Equatorial Guinea. The agreement to establish the African Monetary Fund (AMF) was reached on June 17, 2014, during a conference of the African Union. According to the government, the end of 2023 is the deadline for the statutes of the AMF to come into force, in line with Agenda 2063. A bill has been presented in Parliament to ratify these statutes.
Yaounde has been chosen to host the fund’s headquarters and the city’s authorities have already allocated a site for that purpose. However, the project is yet to materialize as Cameroon itself is yet to ratify the Malabo agreements of June 2014, which would enable it to host the AMF headquarters. "Parliamentary authorization will thus enable the implementation of the headquarters agreement signed on April 4, 2018, following Article 4 of the aforementioned statutes. This will encompass the application of privileges and immunities stipulated in such circumstances," the government explains.
As per the document presented by the executive in Parliament, the primary objective of the African Monetary Fund (AMF) is to foster macroeconomic stability, encourage sustainable economic growth, and facilitate balanced development across the continent. The overarching goal is to promote the effective integration of African economies by eliminating trade restrictions. The establishment of the AMF aims to diminish African countries' reliance on technical and financial partnerships within the continent. In doing so, it would become an integral part of the African financial institutions' framework, alongside the African Development Bank and the Afreximbank Group.