-To Boost Economic Integration
The African Union (AU) High Representative for Silencing the Guns, Dr. Mohamed Ibn Chambas, has called on African countries to intensify efforts toward establishing a common currency.
Speaking at the 13th Zik’s Annual Lecture Series at Nnamdi Azikiwe University in Awka, Nigeria, he emphasized that a unified currency could significantly reduce transaction costs and enhance intra-African trade, making it more accessible and profitable.
In his address, Dr. Chambas highlighted that streamlining trade among the continent’s 54 countries would foster stronger economic integration and attract investment, ultimately enhancing price stability.
He pointed out that a common currency could mitigate inflation and currency volatility issues currently affecting many African economies, freeing them from reliance on external financial policies imposed by former colonial powers.
The lecture, themed “Zik Legacies and Rising Social Movements in Africa: Rethinking Regional Integration in Africa,” honoured the late Dr. Nnamdi Azikiwe, Nigeria’s first President.
Dr. Chambas remarked that adopting a single currency would empower the African Central Bank to tailor monetary policies to the continent’s unique economic needs rather than external demands.
He further asserted that collective currency management would strengthen Africa’s negotiating position in global financial markets, attracting foreign investments under terms favourable to the continent’s development. This vision aligns with Zik’s ideals of economic unity and independence for Africa.
Dr. Chambas noted that progress towards a common currency begins with the realization of the West African common currency, ECO, which ECOWAS has been promoting.
He urged member states to commit to this strategic initiative without further delays. Dr. Chambas reiterated that establishing a single African currency and enhancing regional cooperation are great steps toward achieving Zik’s dream of a self-reliant Africa, where economic, security, and political integration can pave the way for true independence and prosperity.
