Single currency for africa

Vice President, Dr. Mahamudu Bawumia is proposing a policy shift in the adoption of a single currency among African countries. He is rather suggesting interconnected payment platforms including interoperable Mobile Money service as a far better alternative in bridging the financial divide and boosting intra-Africa trade. African leaders have been focusing solely on macroeconomic stability across the continent as a key factor in the use of a common currency. However, Dr Bawumia argues that Africa’s inability to meet the economic convergence criteria for the rollout of a homogeneous currency to boost cross-border trade indicates that a seamless payment regime can…