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BizTech: Ups and downs of a single African currency and future prospects

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Fri, 2 Jun 2023 Source:

Despite the many challenges and setbacks, the road to Africa achieving a single currency is possible, an expert has said.

Former Acting Director of Economic Development Trade and Integration at the African Union (AU), Dr Dossina Yeo, noted that a single African currency can be achieved only when robust policies, sensitisation programmes, and efficient tax mobilisation exercises are put in place to achieve market integration in Africa.

Speaking in an interview on BizTech on GhanaWeb TV, Dr Yeo also urged African leaders to come together to achieve the common goal.

"We need to mitigate the risk to transform the African economy and many steps have been taken like the industialisation plan and the discussion that was held last year in AU summit and AfCFTA summits in Niger."

Leaders came out with key recommendations that will make Africa develop to conform itself so we wouldn’t continue to export our raw materials, to transform our raw materials to a stage where we can trade among ourselves and reduce some of the risks we are seeing now and start converging towards the creation of the African common currency," he told host, Naa Oyoe Quartey.

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