DIRCO Minister Naledi Pandor Says South Africa Wants a Single Currency For Africa to Improve Trade Relations
- The Minister of the Department of International Relations and Cooperation Naledi Pandor says South Africa is committed to the establishment of a single currency in Africa
- According to Pandor, a single currency will help facilitate the trade of goods and services between African Union members
- Some South Africans stand against a unified currency and feel that the economies of African countries should be the first priority
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JOHANNESBURG - Naledi Pandor, the Minister of the Department of International Relations and Cooperation, says South Africa is in favour of a single currency for the African continent, which will be backed by a central bank and monetary institute.
Pandor says the establishment of the African Union's (AU) African Central Bank (ACB), African Investment Bank (AIB) and African Monetary Institute (AMI) are vital to facilitating a single currency and boosting intra-African trade.
Source: UGC
Pandor stated that Mzansi is still committed to the Abuja Treaty of 1991, which set out provisions that seek to make it easier for AU members to trade in goods, services and capital, according to Fin24.
Pandor went on to say that the implementation of the African Continental Free Trade Area Agreement is a step in the right direction. Pandor was responding to a question posed by Economic Freedom Fighters MP Thembi Portia Msane.
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A single currency for the African continent has always been an ambition of the EFF. In 2019, the party announced its ambition, which was supported by young people from various African countries, reports SABC News.
One young man named Emmanuel Gonqoui, who hails from Liberia, stated that he had been following the EFF for while because he is inspired by the leadership of Julius Malema. Other African leaders have also made the same call for a united African continent.
South Africans weigh in on the idea of a single African currency
@Ingcibi1 said:
"So, does this mean we will reduce our currency to the level of the Zimbabwe currency to accommodate Zimbabwe? How does this work when we know we have very weak currencies in Africa?"
@Karl37738977 said:
"Tell me more... if they mean delinking from the USD and linking to gold, then sure, why not."
@ItsRadebe said:
"I still don't get why African countries still trade with each other using the US$. Utter nonsense!"
@JimmyRamokgopa said:
"We might as well, especially within SADC."
@ThunderwoodE said:
"Why? Fix each country & then talk. Typical Africa thinks *Changing Names or new currency will fix the economy. Fix each country then talk."
@Thando12609068 said:
"As long as it's the Rand. All the others aren't strong enough. Except for Pula, but who knows what a Pula is. But Rand, nice ring to it."
@Lorenz51213896 said:
"Single African currency... But anti-African migrant policies??? Foreigners being chased & beaten? Foreigners not allowed to work in South Africa? Xenophobic labour laws... African brothers and sisters burned alive????"
Ramaphosa: SA borders should be opened to allow free movement of Africans
Briefly News previously reported that President Cyril Ramaphosa says South Africa needs to open its borders to allow for the free movement of people – specifically Africans – to allow them to do business.
Ramaphosa said the easy movement of people across borders and countries should never be seen as a negative by South Africans. He said allowing free movement would promote business between South Africa and the rest of the continent.
Ramaphosa was speaking at the 10th Extraordinary Summit of the African Union (AU) in Kigali, Rwanda. At least 53 African heads of state attended the summit.
Source: Briefly News
