Has the time come for a single african digital currency? This week, Africa’s leaders met in the Rwandan capital of Kigali and as a result they have launched a Continental Free Trade Area (CFTA ) which some maintain will be the largest in the world.
The 55 member states of the AU have a cumulative gross domestic product of $2.5trillion (R29.5 trillion).
Speaking with the media, President Ramaphosa of South Africa indicated that he fully supported calls for a single African digital currency and he also emphasized that such currency maybe would have to be digital.
But, with the continent’s economies struggling with pervasive uncertainty, is this highly-speculated new technology really the promised solution?
Also, it is supposed, a single african digital currency would strengthen the African image abroad, and help to secure better trade deals.
But South African economist Thabi Leoka, who has researched the impact of a single African currency, has her doubts.
“I struggle to see the benefits, both for the poorer and richer countries on the continent.”