By: MUDASSIR
Africa contemplates a unified currency. While BRICS struggles, South Africa spearheads regional efforts. The dream of a continent-wide currency takes shape.
The Abuja Treaty, signed in 1991, birthed the African Economic Community. Though 2023 missed the mark for a single currency, regional strides.
South Africa plays a pivotal role in the Common Monetary Area, using the rand as a regional anchor. New coins and banknotes, featuring iconic symbols
Inflation challenges persist, notably at 6.4% in the first quarter of 2023. Bank of Namibia Governor emphasizes the need for economic alignment.
Beyond the CMA, Africa boasts various unions with common markets. From East to West, each region navigates economic cooperation.
Past attempts at a continental currency include the afro prototype of 2002. While symbolic, these initiatives prompt reflection on the future of local currencies.
The dream of a BRICS or all-Africa currency faces complexities. Economic parameters must align for a shared currency.