Should we establish a single African currency?April 14, 2021 39367 views 14 comments 2 minutes reading time
The African Union has long advocated for economic unity and a single central bank for all African countries. Several regions have succeeded in creating regional monetary unions, which are a critical first step for the establishment of a single currency. These include the Common Market for Eastern and Southern Africa (COMESA), Economic Community of West African States (ECOWAS), Southern African Development Community (SADC), Economic Community of Central African State (ECCAS) and the Arab Monetary Union (AMU). However, none of the above have so far delivered a single currency.
According to the IMF, a single currency in Africa would cushion the continent against inflation and stimulate economic growth.
We asked Carl Manlan, the Chief Operating Officer of the Ecobank Foundation, what he thought
Former president of Mozambique, Joachim Chissano, believes that Africa has the wealth and potential to reap much from a single currency but political goodwill will play a major role if a single currency is to be realized.
We spoke to Hailemariam Boshe, the former prime minister of Ethiopia, to hear his opinion about a single currency in Africa and the pitfalls that need to be avoided if its currency is to thrive.
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Image by AMISOM Public Information via Flickr