Towards a Single African Currency
Dr. Amos Mensah
Ph.D. in Agricultural Economics | Senior Lecturer at DAEAE | Professional Experience in Agriculture Sector | General Secretary GAAE | Coordinator SIRDA | Mentor and Counselor at KNUST
"About half a century ago, African leaders established the Organization of African Unity (OAU) to promote socioeconomic structures aimed at improving the welfare of the citizens of member states and general integration of the continent. Many institutions were established on this vision, but owing to ideological differences and convoluted financial infrastructures, the goals have not materialized. The success of the single European currency, Euro, which has become very central to many recent economic progress in Europe by offering more efficient means of transacting
businesses and using the human and institutional capabilities of the continent to foster more prosperity has shown the power of integrated monetary structure in a globalize
world (Ekekwe, 2008). As the world moves towards knowledge-based economic structures and information societies, which comprise networks of individuals, firms and nations that are linked electronically and in interdependent global relationships, the power of a single African currency has become very important. A single African currency, if realized, would radically redefine Africa’s social, political and economic landscape and position the continent on a solid footing to tackle the enormous challenges of the 21st century (Ekekwe, 2002)". Source:EXECUTIVE SUMMARY AND RECOMMENDATIONS of the Proceedings of the First Congress of African Economists.2-4 March 2009 Nairobi, Kenya. African Union Commission.
QUESTIONS
- What is blocking or impeding the realization of this noble dream as stated above?
- If unity is strength, then what is actually preventing our leaders/politician from uniting the continent (i.e. Common Africa Development Policies), its people and vast resources for our common development?
- When are we going to start implementing policies geared toward developing the continent as a whole instead of constantly running to the united nation and other foreign development agencies to solve our problems for us
- Please addd your questions, comments and suggestions to this post
Retired - Consultant
9 年No No No. Look at the Euro, a huge failed financial experiment. Different economies have different requirements then add people in high office who break the rules, are corrupt or exploit weaknesses equals recipe for disaster !
Amos, I don't want to sound pessimistic. But it won't work there are numbers of reasons. I will mention just one or two. Major structural problem(Institutional & political structure ) and cultural problem
Head, Research & Training
9 年@Amos, my allusion to poverty is not a reference to material capacity but mental poverty/capability. Our inability to get things done as a group of 'black' people. Groups don't work down here because of the economic and social policies that run here. Thanks for citing Asia, Latin America et al. I am a living witness of the Latin American success and those did not happen under our of social and economic experiment. Maybe we are the solution to Africa problems. Anthony Tsetse , DSc, can we continue blaming others for our refusal to behave well (just to be charitable with words) Collins Duodu Prah, apt.
Professor of Psychology
9 年Have we done our OWN independent analysis to come to the conclusion that we need a single currency? I doubt. There are certain things if done can change lives and include but not limited to: ●opportunity for all ●meritocracy to allow the talented on whose back the continent can develop to rise ●individuals, regardless of one's role in society, doing their job diligently ●states being responsive to the needs of its citizens and citizens respecting their responsibility towards their states ●Regardless of the current conditions, Africans believing in the possibility of socio-economic transformation and allowing that positive energy to urge them on I believe the governed in Africa must legally take matters into their hands and lead themselves on. These days I try to avoid recommendations that express the elusive change from the top; we need to look at change from the bottom. In the final analysis, what is really important is a high sense of personal control, whether real or imagined
Associate Professor at Northern Kentucky University
9 年The "west" would do all it can to frustrate our quest to have a single currency- more so when we have greedy leaders as well as businesses who are only interested in immediate gains. Until we Africans have a paradigm shift in our thought process,the future would always be bleak.It is sad how we've have not been able to use positive aspects of our culture to transform our economies.