Africa to Get Its Own Currency

 The African Union had made progress in its quest for a single African currency. Albert Muchanga, the Commissioner of Economic Development and Trade, voiced his approval when speaking at the 22nd Summit between COMESA Heads of State and Government. In 2021, the leaders of member countries all agreed upon macroeconomic convergence criteria, which will be administered by the African Monetary Institute situated in Nigeria.

He announced that the African Development Bank (AfDB) had consented to back the AU up in collecting funds for the African Monetary Institute's launch. When this institute begins operating, every AU member nation is obligated to report on its progress in macroeconomic convergence. Earlier on, Kenya President William Ruto voiced his worries about how different currencies were hindering intra-Africa trade growth. He admitted that certain regional payment systems had been created, yet some difficulties, such as a lack of a unified payment system and variables among currencies, still needed to be addressed. "Intercontinental commercial operations can't take place without reliable and integrated payment structures," he said.