Africa needs a single currency

Hanno Labuschagne

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Africa needs a single currency

A single currency for Africa will make it much easier to trade and invest across the continent, but because all countries are unlikely to agree on a central bank or monetary policy it will likely have to be a decentralised cryptocurrency.

This is the view of Montegray Capital founder, venture capitalist, and former FNB CEO, Michael Jordaan.

Jordaan said intra-African trade – trade between countries in Africa - and not foreign aid, is the key to sustainable development in Africa.
 

phly

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Africa needs a single currency

A single currency for Africa will make it much easier to trade and invest across the continent, but because all countries are unlikely to agree on a central bank or monetary policy it will likely have to be a decentralised cryptocurrency.

This is the view of Montegray Capital founder, venture capitalist, and former FNB CEO, Michael Jordaan.

Jordaan said intra-African trade – trade between countries in Africa - and not foreign aid, is the key to sustainable development in Africa.

Yes ... Doge Coin :sneaky:
 

mypetcow

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Given that governments may take awfully long to agree to a single African currency, it is possible that a cryptocurrency can serve the purpose of enabling trade across Africa – and the world.

So if the various governments will take forever to decide on a theoretical physical currency why would they suddenly green light a crypto currency? Or was that talk about one central bank and a unifying currency for Africa just hot air?
Sounds like a uninformed statement to me. :unsure:
 

Ockie

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This makes no sense to me. The 'wealthiest' African countries would benefit and everyone else would suffer an overvalued currency.

Is this not what kinda happened with the Euro? Germany vs Greece and Italy for example?
 

Swa

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Good idea but 20 years too late. Now you'll just be playing catch up. That's if everyone can even agree on a name for the currency. There's too much infighting in Africa for this to succeed and the AU is a complete failure existing in name only.
 

FFMG

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This makes the assumption that many have made over decades, that Africa is just one big country.

In reality it is much more than that, and you cannot just lob everybody under a single currency just like that.

Look at Europe, how wealthy they all had to be, and after centuries of slapping each others around they can barely make it work.
Not everybody can join the Euro club either, you have to be wealthy to start with and agree to follow some fairly strict rules.

So you can't just say "Africa to use one currency"
 

PsyWulf

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Instead of a bunch of **** currencies nobody wants,and a few useable ones
You want one giant **** currency? Seems like a good plan
 

Swa

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This makes the assumption that many have made over decades, that Africa is just one big country.

In reality it is much more than that, and you cannot just lob everybody under a single currency just like that.

Look at Europe, how wealthy they all had to be, and after centuries of slapping each others around they can barely make it work.
Not everybody can join the Euro club either, you have to be wealthy to start with and agree to follow some fairly strict rules.

So you can't just say "Africa to use one currency"
That's under their version. Doesn't have to have the same one and it can in fact make everybody wealthier. Not that it would happen as Africa has no vision. It's a pity the Icelandic marauders stopped when they reached Europe. Then perhaps even they saw something we didn't.
 

backstreetboy

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Good idea but 20 years too late. Now you'll just be playing catch up. That's if everyone can even agree on a name for the currency. There's too much infighting in Africa for this to succeed and the AU is a complete failure existing in name only.
Not if you make it a digital currency, Mobile payments are already huge in Africa.
 

Creag

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Our currency is already a dog. Lumping the rest of Africa into the mix ... well that's as good as a clogged pit latrine!
 

saturnz

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fiat currency is a mechanism for theft

what Africa needs is a currency backed 100% by commodity money, something that Gadaffi wanted to do- and look how far that got him

I lean more to what Dawie Roodt said a few years ago- remove the borders.
 
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