Kampala - Governors of African central banks on Tuesday agreed to work toward ushering in a single currency and a common central bank for the continent by 2021.

The declaration comes after two days of talks at the annual meeting of the Association of African Central Bank Governors in the Ugandan capital, Kampala.

"The governors agreed to work towards an effective implementation of the well-timed and phased convergence process, which will usher in a single currency and common central bank in Africa," the governors said in a statement.