Dr Chambas urges African nations to push for single foreign money
Dr Mohamed ibn Chambas, the African Union (AU) High Representative for Silencing the Guns and the Chairman of the AU High-Level Panel on Sudan, has urged African nations to scale-up efforts in direction of a standard foreign money.
“A unified African currency would reduce transaction costs across borders, making intra-African trade more accessible and profitable,” Dr Chambas said in his deal with on the 13th Zik’s Annual Lecture Series at Nnandi Azikiwe University in Awka in Nigeria.
“By streamlining trade across 54 countries, it could promote stronger economic integration, facilitate investment, and enhance price stability, making the continent more resilient to global economic shocks,” he mentioned.
“Additionally, a common currency could reduce the inflationary pressures and currency volatility that currently plague several African economies. African countries would no longer need to rely on the financial policies of former colonial powers or global financial institutions, which often impose restrictions that limit Africa’s economic growth.”
The lecture on the theme: “Zik Legacies and Rising Social Movements in Africa: Rethinking Regional Integration in Africa”, was in honour of the late Dr Nnandi Azikiwe (aka Zik), the primary President of Nigeria.
Dr Chambas mentioned a single foreign money would give the African Central Bank management over financial coverage, permitting it to give attention to the distinctive financial wants of the continent slightly than accommodating exterior calls for.
He mentioned by managing its foreign money collectively, Africa would have a stronger negotiating place in world monetary markets, attracting overseas investments underneath phrases that favour Africa’s growth slightly than perpetuating dependency.
He mentioned Zik’s imaginative and prescient of financial unity by way of a single foreign money might thus catalyse financial progress, present employment alternatives, and assist Africa retain its wealth, finally resulting in financial independence.
“I am happy that the African Union as part of the Agenda 2063 has begun work to establish African continental financial institutions, including the African Central Bank (ACB) with its headquarters in Abuja, Nigeria, the African Monetary Fund (AMF) and the African Investment Bank (AIB),” Dr Chambas mentioned.
He famous that an necessary first step within the creation of the African frequent foreign money could be the realisation of the West African frequent foreign money, the ECO, which the ECOWAS had been spearheading for a while now.
Dr Chambas mentioned the time had come for ECOWAS member states to exhibit dedication to this strategic instrument in West African integration by assembly the circumstances for the introduction of the frequent foreign money with out repeatedly suspending it.
The African Continental Free Trade Area (AfCFTA) could be boosted by a standard foreign money.
“In Zik’s united Africa, we find not only solutions to individual crises but a comprehensive approach to building a stable, prosperous continent.”
Dr Chambas mentioned Zik’s imaginative and prescient was a blueprint for a self-reliant Africa, the place financial, safety, and political integration lay the inspiration for true independence.
Dr Chambas reiterated that the institution of a single African foreign money, a free commerce zone, unified industrialization programmes, a standard defence pressure, and cooperative governance are important steps in realizing Zik’s dream.
He mentioned Zik’s imaginative and prescient was not merely about political freedom however about making a continent that would stand as an equal companion on the worldwide stage; including that “Zik would remind us that African unity is more than an ideal; it is an achievable reality that could solve the issues holding the continent back today”.
“Indeed, building the foundations for a peaceful, stable, democratic and prosperous Africa is in consonance with the thinking of Dr Nnamdi Azikiwe and it’s the sure way to Silencing the Guns in Africa”.
He mentioned in honouring Zik’s beliefs, Africans should embrace a pathway in direction of a safe, economically unbiased, and politically steady Africa.
He mentioned Zik’s legacy calls upon African leaders and residents alike to undertake a mindset of unity, to maneuver past the boundaries drawn by historical past, and to construct a future the place Africa’s individuals are empowered, affluent, and united.
Dr Chambas mentioned the naming of the Dr Nnamdi Azikiwe University in Awka, the Nnamdi Azikiwe International Airport, the gateway to Nigeria, in Abuja, and quite a few streets, stadia, and libraries throughout Nigeria and Africa in his honour had been fully deserving.
In attendance on the lecture was Professor Uche Ewah Azikiwe, the widow of Dr Nnandi Azikiwe.
Source: GNA
