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AFCFTA's Mene talks about the upcoming African common currency

By Black Headline News

"There is an objective to have a common currency," Wamkele Mene, the secretary-general of the African Continental Free Trade Area, said in an interview at Bloomberg's New Economy Gateway Africa forum in Marrakesh this past month.

The creation of a BRICS currency will be one of the main topics up for discussion when the group of five emerging nations – Brazil, Russia, India, China and South Africa -- meet in Johannesburg in August, South African officials said this month, according to Voice of Africa News.

Russia has been spearheading the push for the creation of a joint currency, and Brazil has also thrown its support behind the idea. China, too, is in favor of challenging what its ministry of foreign affairs calls U.S. “dollar hegemony.”

South Africa’s Foreign Minister Naledi Pandor has said a move away from the dollar could empower other countries, but also noted the project is challenging.

The current timeline established by the Abuja Treaty calls for a single African currency to be instituted by the African Central Bank by 2028. Although some countries have reservations about full economic and monetary union, several regional monetary unions already exist, and others are planned.

The Abuja Treaty which established the African Economic Community (AEC) was signed in Abuja on 3 June 1991 and came into force in May 1994. It was aimed at fostering the social, economic and cultural development of the African continent through the integration of the economies of the various countries.

Currently, here are the five most popular currencies in Africa:

  1. CFA Franc. The CFA Franc is the most popular African currency. ...

  2. The Dinar. Africa's second most popular currency is the dinar. ...

  3. Naira (Nigeria) The naira is the third most popular African currency. ...

  4. The Rand of South Africa. ...

  5. The Egyptian Pound (EGP)


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