The decision announced in Addis Ababa will help member states improve their fiscal governance as the continental body pursues development programs among members.
Albert Muchanga, the Zambian diplomat and current African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, said the AU wants to have adequate data on fiscal situations as an early warning system.
“It will be a debt observatory so that we can monitor debt situations. We intend to have real-time data on debt management in African countries,” said Muchanga without specifying deadlines.
Once launched, it would be the first move by the continental body that has traditionally focused on political instability but has been shifting to seek development.
