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The African Economic Research Consortium (AERC) is supported by donor governments, multilateral organizations, private foundations and international organizations. Representatives of some of these bodies form the Board of Directors, which is AERC’s apex governance body. The AERC Board is a mixed body of 5–18 directors appointed by donor organizations (institutional directors) and others (directors-at-large) appointed in their personal capacity on account of the expertise needed for the proper functioning of the Board. The Executive Director of AERC is an ex-officio member of the Board with vote. The Chair of the Programme Committee is an ex officio member without vote. The Board is responsible for setting broad policy, providing support for a multi-year programme of activities, and approving the annual programme of work and budget.


Members of the Consortium

Department for International Development (DFID)

Ministry of Foreign Affairs, Denmark (DANIDA)

Norwegian Agency for Development Cooperation (NORAD)

The AERC Central Bank Governors’ Forum*

The Bill & Melinda Gates Foundation

The National Treasury, Government of Kenya

Swedish International Development Cooperation Agency (SIDA)

US Agency for International Development (USAID)

The World Bank (IBRD)


Non-member funders

African Development Bank (AfDB)

African Capacity Building Foundation (ACBF)

German Academic Exchange Services (DAAD)

Global Development Network (GDN)

International Development Research Centre (IDRC)

International Fund for Agricultural Development (IFAD) through African Rural and Agricultural Credit Association (AFRACA)

United Nations World Food Programme (WFP)


*Individual member Central Banks are:


Banque de la République du Burundi      


Bank of Ghana                                                


Central Bank of Kenya                                  


Banco de Moçambique 


Reserve Bank of Malawi                                              


Central Bank of Nigeria                                


National Bank of Rwanda                                           


South Africa Reserve Bank                                          


Bank of Tanzania                                                            


Bank of Uganda                                                              


Bank of Zambia                                                               


Reserve Bank of Zimbabwe




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