Source: newsthemegh.com
The introduction of a single African currency was on schedule, according to a top African Union (AU) official, who made the announcement on Thursday.
Albert Muchanga, the AU commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, claimed that in 2021, as part of efforts to create a single currency, leaders of member nations adopted the macroeconomic convergence criteria.
The criteria will be used by the African Monetary Institute, whose headquarters will be in Nigeria, he stated in statements made during the 22nd Common Market for Eastern and Southern Africa (COMESA) Heads of State and Government Summit.
He claimed that since then, the African Development Bank (AfDB) has consented to support the AU in raising funds for the creation of the African Monetary Institute.
He claims that all AU member states will be required to report on the execution of the macroeconomic convergence once the African Monetary Institute is operational.
Prior to now, Kenyan President William Ruto expressed worry that currency differences were acting as a roadblock to the encouragement of intra-Africa commerce.
The Kenyan president acknowledged that numerous regional payment infrastructures had been introduced on the continent, but he claimed that there was still a need to overcome challenges including the lack of a unified system that streamlined trade and the use of different currencies.
Without effective and consistent payment mechanisms, he declared, trade was impossible. Enditem