Jump to content

Africa Will 'One Day Have a Common Currency' Says Secretary General of African Continental Free Trade Area - Piracy News and Crypto Updates - InviteHawk - Your Only Source for Free Torrent Invites

Buy, Sell, Trade or Find Free Torrent Invites for Private Torrent Trackers Such As redacted, blutopia, losslessclub, femdomcult, filelist, Chdbits, Uhdbits, empornium, iptorrents, hdbits, gazellegames, animebytes, privatehd, myspleen, torrentleech, morethantv, bibliotik, alpharatio, blady, passthepopcorn, brokenstones, pornbay, cgpeers, cinemageddon, broadcasthenet, learnbits, torrentseeds, beyondhd, cinemaz, u2.dmhy, Karagarga, PTerclub, Nyaa.si, Polishtracker etc.

Africa Will 'One Day Have a Common Currency' Says Secretary General of African Continental Free Trade Area


Recommended Posts

The secretary-general of the African Continental Free Trade Area (AFCFTA) secretariat, Wamkele Mene, says Africa will “one day have a common currency” via a proposed “Pan-African Payment and Settlement System (PAPSS).” He adds that such a currency will help “ease constraints of settling intra-African trade in foreign-denominated currency.”

Challenges Ahead

In comments recently carried by regional news outlet This Day, Mene admits that challenges will be encountered before the dream of a common currency is finally realized. However, to illustrate his own conviction that this objective will be achieved soon, Mene points to the situation before the realization of AFCFTA when “people never thought that there would ever be a free trade area in Africa.”

AFCFTA is a free trade area that was founded in 2018 with trading commencing about two years later on January 1, 2021. The free trade area was created by the AFCFTA agreement among 54 of the 55 African Union nations. Using the history of AFCFTA’s creation as the basis for his enthusiasm, the secretary-general added:

But we now have it [AFCFTA]. And so I am confident that one day the African continent will have a single currency. Though there are a range of issues to be considered regarding macro-economic convergence. Thankfully, there are departments in the African Union (AU) to deal with the complexities about how we get to a single currency for the African continent. But certainly, it is a positive step that will facilitate intra-African trade.

Cost of Currency Conversion

In the meantime, the report also quotes Mene sharing some new details about the proposed Pan-African Payment and Settlement System (PAPSS) whose pilot phase commenced in June 2021. According to Mene, this trial stage enables “trading within the free trade area to be done in the local currencies of each member state.” On why such a payment system is needed, the secretary-general explained:

“We have 42 currencies in Africa. The cost of converting currencies amounts to $5 billion a year. This is a very big amount of money that can be seen as revenue foregone. So we want to reduce and eliminate this cost to converting currencies in Africa for the purpose of trading.”

Although only six countries are part of the pilot phase so far, Mene says he is hopeful that “the platform will be available for all African countries that want to switch on to it by the end of this year.”

Link to comment
Share on other sites

Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and user will be warned if it happens again. If caught spamming, the following actions are applicable -

  • First time - Warning
  • Second time - 5000 Points will be deducted
  • Third time - Ban for 7 days
  • Fourth time - Permanent Ban

If the post helped you, reward the user by reacting to the post like this -

1.jpg

Link to comment
Share on other sites

The last post in this topic was made more than 14 days ago. Only post in this topic if you have something valuable to add. Irrelevant posts are not allowed and you will be warned/banned for spamming old topics.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Read this before posting -
  • Only post if you have something valuable to contribute.
  • Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and you will be warned if it happens again.
  • If the post helped you, reward the user by reacting to the post like this -                      1.jpg
Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Customer Reviews

  • Similar Topics

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.