Ramaphosa proposes single African currency: AU Summit

[Useless_Spectator]

@Ned Stark

Why not form one reserves ya gold and dollars for purposes of major projects and bailouts. We should start selling our raw materials in African currency kama euro mambo ya dollar hatutaki .

@Yunomi

A currency based on gold reserves? That would be a good currency. Hizi za Rothschild printed from thin air ndio zimeharibu economy ya dunia

will both of you explain further on this vodoo economics, what advantage does a gold backed currency confer?will it DIRECTLY result in faster higher quality growth,what is the difference if we sell in local currency?

[Useless_Spectator]

@Simiyu22

Why not just use the US dollar. Same logic. But having a single currency serves no purpose. Different economies at different stages of development. A struggling economy will be killed if a single currency is adapted and it cannot devalue the currency.

This is what took down Greece.

[Nostradumbass]

huyu hajui makanyangi wanamwangalia kwa jicho mbaya

[Useless_Spectator]

@obienga

True. Perhaps a two track system would make sense, a single African currency convertible to local currencies. Africa is the world’s richest continent in terms of resources, there has to be a way to prevent the issuers of dollars and euros from calling the shots, or at least reduce the effects of such shots.

People make wealth,not resources, invest in the people and their incomes will rise. Africa is capital deficient so an africawide currency wouldnt be the solution (who would guarantee it ? for example, the euro is guaranteed by the economic stability of Germany,thats why they call the shots.We issue in dollars and euros because that is where the surplus capital is.

[pipinono]

@Amused

KIGALI – South African President Cyril Ramaphosa on Tuesday strongly punted the idea of creating a single homogeneous currency for African countries in a bid to attract infrastructure investment and enable ease of intra-African trade.

Speaking as a panelist on financing intra-Africa trade at the African Continental Free Trade Area business forum in Kigali, Rwanda, Ramaphosa said that it was time that Africa stops relying on foreign currency for its development and trade, adding that this was born of colonial mentality.

“These are the reasons we need partners who must work with us and assist us ensure we de-risk projects in order to attract finance for infrastructure projects. I am particularly interested in the notion of us having a tradeable currency that allows us to trade effectively across territorial borders,” Ramaphosa said.

“We must rid ourselves of this colonial mentality that demands we rely on other people’s currency. Perhaps the day, the hour and the moment could have arrived for us to create a single African currency. Our focus should not be on our individual countries but the continent as a whole to unlock great opportunities and capabilities.”

At least 53 African Heads of States have gathered in Kigali for the 10th Extraordinary Summit of the AU to consider the legal instruments of the African Continental Free Trade Area (AfCTA) and also launch the agreement officially to establish the treaty.

AfCTA is aimed at deepening African economic integration, promoting agricultural development, food security, industrialisation and structural economic transformation through single-air continental transport market with free movement of persons, capital, goods and services.

AU chairperson and Rwanda President, Paul Kagamegave a strong indication yet that member states will sign the treaty to create the continental free trade area even if the continent’s most-populated country, Nigeria, withdraws from the meeting.

Ramaphosa said that the AfCFTA signals a new beginning for Africa and an opportunity to unleash African people’s entrepreneurial nature, adding that the treaty would create a level playing field for African countries to participate in meaningful trade.

He also touched on the nagging issue of visa barriers for travellers between South Africa and Rwanda, saying that African leaders were creating pathways for their countries which had been impeded by artificial borders to flourish.

“Earlier today, I met with His Excellency President Kagame. We have agreed that we will put the relationship between our two countries on a much better footing. Amongst the issues we discussed, was that we must resolve the challenge of issuing of visa to people of Rwanda wanting to visit South Africa,” Ramaphosa said.

“Our Ministers of International Relations and Cooperation have been tasked to work on this immediately and we thus consider this matter of visas as solved.”

• African News Agency

Kama EAC intergration ni shida…sebuse African Currency.

Did Maghufuli attend the summit?!!!:meffi::meffi::meffi::meffi::meffi::meffi::meffi::meffi:

[spear]

@Useless Spectator

This is what took down Greece.

No nation should risk be dollar dependent as its reserve currency. Stock all reserve currencies ( €¥$¢ and yuan) and if possible use them all on international trade.

[Randy]

[ATTACH=full]163771[/ATTACH]

[nobert]

As long as the Kenyan Denominations will be used na maandishi ndio zinabadilishwa sina shida nayo. I cant stand using some papers i see outside here as money. They look ugly af

[WuTang]

@denis young

I don’t think this serves us well. Looking at the EU you can see that being a member of a Union ensures that policy is also homogeneous to support the currency. Therefore, seeing the current state of several african nations it is likely that most of this policies especially this immigration issue will hit too close to home. Imagine having Nigerians, Sudanese or Congolese immigrants in Kenya. Kutakuwa na war zones halafu uongeze alshabab hapo.

They are already living in Kenya. Na ni wengi.

[epoch]

If there is will and desire. But Africa, bado kidogo.

[system]

@Useless Spectator

will both of you explain further on this vodoo economics, what advantage does a gold backed currency confer?will it DIRECTLY result in faster higher quality growth,what is the difference if we sell in local currency?

Try to understand something before trashing it.
First thing is we would have stability if we Africans traded in a single currency. Exchange rates fluctuations would be eliminated
ON GROWTH
There was a time inflation was contained because money was only printed corresponding to how much gold was available in the reserves. Today money is printed backed with nothing but promissory notes. This is why commodity prices keep rising leaving a trail of destruction. GoK is constantly battling inflation isn’t it?
Now going back to gold standard as a single country Kenya is not possible but United as a continent it’s very much possible. Gaddafi had accumulated plenty of gold and silver to create an African gold backed currency.

[Ubongo]

@pipinono

Kama EAC intergration ni shida…sebuse African Currency.

Did Maghufuli attend the summit?!!!:meffi::meffi::meffi::meffi::meffi::meffi::meffi::meffi:

Teething problems have to be met

[obienga]

@Useless Spectator

People make wealth,not resources, invest in the people and their incomes will rise. Africa is capital deficient so an africawide currency wouldnt be the solution (who would guarantee it ? for example, the euro is guaranteed by the economic stability of Germany,thats why they call the shots.We issue in dollars and euros because that is where the surplus capital is.

Is it capital deficient by definition of the primary beneficiaries of centuries of plundering from Africa, the Europeans and the Americans? Is a developed, stabilised Africa in their best interests? An African currency need not be used outside Africa but like the Chinese are doing, if you want to trade with them, then you have to use their currency. Why shouldn’t the continent that has been enriching Europe and America for hundreds of years not be able to guarantee its own currency?

Can Europe, the USA or China do without Africa? If the answer is No, then Africa has the necessary leverage to unite and also call its shots - the saying united we stand, divided we fall comes to mind. They can start wars against 1 or 2 nations as they did in Libya, but they cannot fight an entire continent that is locked in and moving forward with a solid agenda.

[S_Lilly]

An African currency backed by its natural resources, to perhaps act as a future African Reserve Currency. To support pricing of Africas produce and resources in international trade, enabling traceability of resources entering the global market, facilitate fair trade, fair prices and avoid the current setup of resource theft, sponsored wars and destabilisation for plunder.

The European Union, Euro Currency, is used by 19 of 28 member states. It is possible to have a single currency while retaining local currencies. Some of the Eastern European countries were miles behind economically. The EU central fund helps identify and fund projects and programmes covering areas such as:
[ul]
[li]regional & urban development[/li][li]employment & social inclusion[/li][li]agriculture & rural development[/li][li]maritime & fisheries policies[/li][li]research & innovation[/li][li]Humanitarian aid.[/li][/ul]
https://europa.eu/european-union/about-eu/funding-grants_en

However, a single currency would make it possible to control an entire continent if the leaders are compromised.

[system]

It will be done. There is nothing the Empire of death can do to an Idea whose time has come

[GERALD9949]

An African single currency.
Because the Eurozone has been such a stellar performer!!!SMH.
Wait until some tiny country like Burundi or Gambia mismanages their economy Greece style and throws the whole continent into chaos.
In Europe,Poland wisely deferred it joining the Eurozone. It has perfomed far better than its east european neighbours in the Eurozone because it can devalue its currency and thus attract manufacturing.Greece has to depend on the whims of Germany for currency devaluation
Under a single African currency,we will not have that power.
This single currency nonsense does not work unless it is a global currency.And that is never gonna happen even in my old age.

[GERALD9949]

@A.G.

It will be done. There is nothing the Empire of death can do to an Idea whose time has come

It is an idea that is dead in the water.