Friday, August 10, 2018

Egypt may pick up Gaddafi's mantle and lead the way for a single African currency

On August 9, Egypt's central bank Governor Tarek Hassan Amir suggested that the African States need to come together and create a single African currency to compete with the dollar, Euro, and other continental currencies.

Speaking at a press conference following a two day forum of African central bankers, Amir pointed towards the growing investment and development coming onto the continent as a basis for consolidating Africa's place in the global financial system.

African countries are giving serious consideration to the possibility of creating a single currency on the continent and of a common central bank, but this process might take about 25 years, Egyptian Central Bank Governor Tarek Hassan Amer said on Thursday. 
"The Association has indeed taken steps toward this big goal: we have proceeded with the elaboration of regulations and measures, which will enable the creation of an African central bank and of a single African currency," Amer said at a press conference following a two-day forum of the Association of African Central Banks, as quoted by the Middle East News Agency (MENA). 
The Egyptian Central Bank governor said he believed that the continent's single currency might appear in 2043, adding that it would require not only the achievement of certain economic and financial targets but also the political will of the African states' leaders. – Sputnik News
Governor Amir's plan follows in the footsteps of Libya's former leader Muammar Gaddafi who sought to bring together a coalition of African states under the auspices of a gold backed Dinar.

With China beginning to expand their Silk Road and economic development into Africa, the need for the continent to have a cohesive policy in regards to finance and trade is desperately needed, especially since most nation states in Africa are a hodge podge of weak currencies, hyperinflation, and antiquated infrastructure.

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