African countries have been struggling to come up with a common currency that would facilitate trade among them. A currency called the “Afro” has even been proposed.
The advantages of a single currency are numerous. It would facilitate commerce and increase trade among them. There would also be no need to exchange currencies when moving from one country to another. In addition, different monetary policies would be streamlined and inflation and government expenditure put under control. Also it would augment inter-African investment.
A lot has been done so far to see this dream come true. There have been efforts for a common currency at the sub-regional level with upward movement at the continental level. For example,in the West African region, the eco was proposed although not yet used. Meanwhile, in the Central African Level (UDEAC) , the francs cfa is widely used. Also, a regional bank, the African Development Bank (ADB), has been established to finance projects in the continent and encourage development and investment.
Despite this, a lot still has to be done. More sub-regions need to develop their own currencies which would culminate to a common currency for the whole continent. Peace also has to be pursued and encouraged in a lot of countries which are fighting wars and rebellions. Finally, the reticence of some African heads of state, afraid to lose their power to a bigger continental body is to be addressed.
All in all, a common currency would foster peace, integration, investment and commerce that would help lift a lot of African countries and propel them to emergent status. I wish you all a nice day.