- President Cyril Ramaphosa supports the idea of a single homogeneous currency for Africa
- Ramaphosa said this would promote infrastructure investment and enable intra-African trade
- Ramaphosa wants Africa to shed its colonial mentality of relying on foreign investments
President Cyril Ramaphosa has thrown his support behind the idea of creating a single homogeneous African currency. Ramaphosa said such a currency would promote infrastructure development and enable intra-African trade.
Speaking as a panellist on financing intra-African trade at the African Continental Free Trade Area business forum, which forms part of the larger African Union summit in Kigali, Rwanda, Ramaphosa said it was time for Africa to shed its colonial mentality of relying on foreign investments
“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.
Briefly.co.za gathered that at least 53 African heads of state were present at the 10th Extraordinary Summit of the AU. Leaders gathered to hammer out the details of the proposed African Continental Free Trade Area (AfCTA), leaders also committed themselves to establishing this as a treaty.
AfCTA is aimed at deepening intra-African economic integration, promoting agriculture and food security and economic transformation through free movement of goods, persons, capital and services.
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.”
Ramaphosa noted AfCTA was an opportunity to unleash Africa’s full potential for economic growth and provide all African nations with a level playing field.
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