AFRICA’S ONE CURRENCY IS REALISEABLE- AFCFTA

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Mr. Wamkele Mene, Secretary-General of the African Continental Free Commerce Area (AfCFTA) Secretariat, has projected that Africa would one day have a common currency, which will alleviate the restrictions of settling intra-African trade in foreign-denominated currency.
Mene compared the prospect of having a single currency to the realization of AfCFTA, despite the fact that no one imagined Africa would ever have a free trade zone.
“But we now have it,” he continued. As a result, I am convinced that the African continent will have a single currency one day.
Mene stated, “In Africa, we have 42 currencies.” The annual cost of currency conversion is $5 billion. This is a significant sum of money that might be viewed as revenue lost. As a result, we seek to minimize and eliminate the cost of changing currencies in Africa for trade purposes.

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