Resilient policy reforms will speed up progress towards Single Currency for Africa - WAMI

The West African Monetary Institute (WAMI) has called for resilient policy reforms geared towards the full realization and implementation of the Single Currency for Africa.

According to the Director of Multilateral Surveillance Trade Department at the Institute, John Kotoku, Africa’s quest towards Single Currency is hinged on these policy reforms which are required to foster the existence of a unified trade currency for Africa.

Speaking on the sidelines of the 7th Ghana International Trade and Finance Conference (GITFiC), John Kotoku outlined that these policy reforms must have synergy, macro convergence and policy harmonization, which is required to mitigate economic and accessibility shocks.

“It is through these resilient policy reforms that will ensure that Africa reaps the benefits of the Single Currency because just having the currency alone in place would not yield the desired results of promoting trade so it’s important these building blocks are laid properly,” he told GhanaWeb Business.

He was optimistic that Africa was well positioned to implement a Single Currency but indicated that the accessibility to economic shocks must be mitigated if the continent wants to fully reap the benefits.

“The vulnerabilities will always be with us so it's important for us to build resilient systems to withstand these accessibility shocks and so if we are able to implement these deliberate policies in place, the road towards a Single Currency for Africa could become a shorter one for smooth implementation,” John Kotoku explained.

Meanwhile, the Paramount Chief of the Akwamuman Traditional Area, Odeneho Kwafo Akoto II, on his part has stressed the significance of an African single trade currency.

He contends that advancing economic integration and regional development across the continent requires the existence of a unified trade currency for Africa and therefore called for stringent efforts aimed at realizing this feat.

"This will also help to reduce the dependence of African countries on foreign currencies such as the US dollar, or the euro. In the era of digital currencies,"

The revered Chief spoke as guest of honour at the Conference, stating the role of Chieftaincy Institutions in matters of Continental and Global Finance and Monetary architecture, Global Debt Crisis, the Continental Free Trade Area and Intra-African Trade.

The GITFiC is an annual conference that brings together business executives, policymakers and subject matter experts from all over the world to articulate ways of enhancing inter African trade, regional integration, trade liberalization, trade policies and practices of the African continent and notably to turn talks into actions.

The 7th edition of the conference was held under the theme 'Senchi Consensus on Africa's single currency'.



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