African states may adopt single currency, passport
African Union (AU) Commissioner for Economic Affairs, Anthony Maruping, has disclosed that the Union was planning to adopt a single currency, as part of its Agenda 2063 road map.
He stated this in Johannesburg, South Africa at the weekend, stressing that the move was aimed at connecting Africa through world class infrastructure with a concerted push to finance and implement major projects.
Maruping said all African Central Bank governors have already met and deliberated on the establishment of an African Monetary Fund (AMF).
He expressed the hope that the move would be the end result of the Agenda 2063, adding that leaders of Kenya, Uganda, Tanzania, Rwanda and Burundi have already signed a protocol in Kampala for the adoption of a common currency in the next 10 years.
He said many economists and experts believed that the ambitious programme of an African single currency was achievable. “The Payment Systems Steering Committee of the Southern African Development Community (SADC) has also proposed a system to facilitate cross-border payment and settlement.
“This system will allow the settlement of payment transactions in a central location on the basis of a single currency. This model will initially be tested on the current common Monetary Area countries that use the South African rand,’’ he said.
Maruping further stressed that there was a framework required to unlock the promise of integration, stressing that as part of the Agenda 2063, AU was also contemplating inaugurating a Common Africa Passport to boost the integration of all Africans. He said the introduction of a common passport would create a common identity for all Africans.
“The common passport will make it easier for Africans to travel across the continent without restrictions. Maruping said AU has also set the goal of making peace a reality for all the African peoples and ending all wars by 2017,” he added.
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