African blocs discuss challenges to realising single currency territories
African Union Commission Chairperson Moussa Faki Mahamat (left) and Kenya’s Trade Cabinet Secretary Moses Kuria in Nairobi on January 19, 2023. Mr Kuria said seven in 10 African economies face serious challenges related to foreign exchange, but blamed part of the problem on procrastination. PHOTO | EVANS HABIL NMG
Africa’s main regional economic blocs say monetary unions will raise the value of trade and shield them from fluctuating exchange rates and are pushing to establish single currency territories.
Gathering in Nairobi under the African Union, representatives from various member states of regional economic blocs (RECs) said exchange rates should be considered a barrier to trade and addressed with urgency.
