President Cyril Ramaphosa on Tuesday strongly painted the idea of creating a single homogenous currency for African countries in a bid to attract infrastructure investment and enable ease of intra-African- trade.
Ramaphosa’s words concur with those spoken by Kwame Nkuruma in 1963, that Africa must unite, Africa must have one defence force, one currency and one government.
“These are the reasons we need partners who must work with us and assist us ensure we de-risk projects in order to attract finance for infrastructure projects. I am particularly interested in the notion of us having a tradeable currency that allows us to trade effectively across territorial borders,” Ramaphosa said.
“We must rid ourselves of this colonial mentality that demands we rely on other people’s currency. Perhaps the day, the hour and the moment could have arrived for us to create a single African currency. Our focus should not be on our individual countries but the continent as a whole to unlock great opportunities and capabilities.”
Ramaphosa said that is time that Africa stop relying on foreign currency for its development and trade.
By: Monti Montsha