During the extraordinary African Union summit held in Kigali, Rwanda where some 44 African countries signed the deal putting in place the African Continental Free Trade Area (AfCFTA). South Africa President, Cyril Ramaphosa, while addressing journalist expressed his full support for the call to establish a single African currency.
Ramaphosa then went ahead to say that the single African currency should be digital currency.
“Business people said doesn’t this beg for a single currency, and in my book it certainly does,” said Ramaphosa.
Though he was open about the fact he wasn’t exactly sure how the single African currency might look like; but he said the previous proposal have pointed towards the currency being called ‘the Afro.’ There are also speculations it might even be a physical currency.
“We will begin to interface with the idea and notion of a single currency, possibly even a digital currency, and it’s possible that a digital currency will precede a real single currency because it is easier than having a proper full currency.”
Ramaphosa also pointed out the changing attitude among African leaders who were previously opposed to the idea of a single …read more