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 he said that its time Africa rids itself completely from colonialism and stop relying on foreign currency;
“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.”