South Africa pushes for a single African currency to boost intra-continental trade

South Africa, one of Africa’s biggest economies has reaffirmed its call for a single African currency to help boost intra-continental trade. Naledi Pandor, Minister for International Relations and Cooperation revealed the country’s position on the much-expected policy.

“In every available continental platform, South Africa has consistently reaffirmed her commitment to continuing to support the continental integration in line with the provisions of the Abuja Treaty of 1991 which seeks to assist the AU member states to overcome trade barriers that impede the flow of goods, services and capital,” she said.

Pando marked as important, the establishment of the African Union Financial Institutions (AUFIs) in line with efforts towards a single currency.

“It is against this background that the establishment of the African Union Financial Institutions (AUFIs) comprising the ACB, the AIB and the AMI are considered as critical to facilitate the creation of a single currency and boost the intra-Africa trade,” she said, adding that, “these institutions form a key component of the flagship projects of Agenda 2063.”

The minister further detailed some contributory efforts and measures taken by South Africa towards the creation of the currency. She also revealed the readiness of her country to support future efforts geared towards this agenda.

“During the 12th Extraordinary session of the AU Assembly in July 2019 in Niamey, Niger, South Africa supported the launch of the operational instruments of the AfCFTA, which included amongst others the digital payment system,” Pandor said.

She added that, “South Africa reaffirms its readiness to work with all stakeholders and in cooperation with other AU Member states to ensure that all outstanding technical issues are addressed expeditiously.”