African Union Plans To Adopt Single Currency | Independent Newspapers Limited
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African Union Plans To Adopt Single Currency

Posted: Jun 12, 2015 at 1:46 pm   /   by   /   comments (0)

AFRICAN UNION (AU) Commissioner for Economic Affairs, Anthony Mothae Maruping, has stated that the body is thinking of adopting a single currency as part of the Agenda 2063 roadmap worked out by the organisation.

The aim, according to him, is to connect Africa through world-class infrastructure, with a concerted push to finance and implement major projects, said on Thursday June 11, 2015 on the sidelines of the 25th AU Summit taking place in Johannesburg.

Maruping said that African Central Bank governors had met and deliberated on the establishment of an African monetary fund, but this would be the end result of the Agenda 2063

Leaders of Kenya, Uganda, Tanzania, Rwanda and Burundi had signed a protocol in the Ugandan capital of Kampala for the adoption of a common currency in 10 years, Maruping stated.

Although many economists and experts concur that the ambitious programme of a African single currency was achievable, the lack of clarity surrounding the issue remains a problem.

The Payment Systems Steering Committee of the Southern African Development Community has also proposed a system to facilitate cross-border payment and settlement.

This system would allow the settlement of payment transactions in a central location on the basis of a single currency.

This model system would initially be tested on the current common Monetary Area countries that use the South African rand.

“We now have the framework required to unlock the promise of integration, and things are happening on the ground,” Maruping told Xinhua.

As part of the Agenda 2063, Maruping said, AU was also mooting the idea of launching a Common Africa Passport to boost the integration of all Africans.

According to Maruping, the AU had set the goal of making peace a reality for all the African peoples and ending all wars by 2017.

With the introduction of a common passport in Africa, “We’ll create a common identity for all African,” Maruping said, adding that the common passport would also make it easier for Africans to travel across the continent without restrictions.