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 countries to scale-up efforts towards a common currency.
“A unified African currency would reduce transaction costs across borders, making intra-African trade more accessible and profitable,” Dr Chambas stated in his address at 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 said.
“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 first President of Nigeria.
Dr Chambas said a single currency would give the African Central Bank control over monetary policy, allowing it to focus on the unique economic needs of the continent rather than accommodating external demands.
He said by managing its currency collectively, Africa would have a stronger negotiating position in global financial markets, attracting foreign investments under terms that favour Africa’s development rather than perpetuating dependency.
He said Zik’s vision of economic unity through a single currency could thus catalyse economic growth, provide employment opportunities, and help Africa retain its wealth, ultimately leading to economic 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 said.
He noted that an important first step in the creation of the African common currency would be the realisation of the West African common currency, the ECO, which the ECOWAS had been spearheading for some time now.
Dr Chambas said the time had come for ECOWAS member states to demonstrate commitment to this strategic tool in West African integration by meeting the conditions for the introduction of the common currency without continuously postponing it.
The African Continental Free Trade Area (AfCFTA) would be boosted by a common currency.
“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 said Zik’s vision was a blueprint for a self-reliant Africa, where economic, security, and political integration lay the foundation for true independence.
Dr Chambas reiterated that the establishment of a single African currency, a free trade zone, unified industrialization programmes, a common defence force, and cooperative governance are essential steps in realizing Zik’s dream.
He said Zik’s vision was not merely about political freedom but about creating a continent that could stand as an equal partner on the global stage; adding 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 said in honouring Zik’s ideals, Africans must embrace a pathway towards a secure, economically independent, and politically stable Africa.
He said Zik’s legacy calls upon African leaders and citizens alike to adopt a mindset of unity, to move beyond the boundaries drawn by history, and to build a future where Africa’s people are empowered, prosperous, and united.
Dr Chambas said the naming of the Dr Nnamdi Azikiwe University in Awka, the Nnamdi Azikiwe International Airport, the gateway to Nigeria, in Abuja, and numerous streets, stadia, and libraries across Nigeria and Africa in his honour were entirely deserving.
In attendance at the lecture was Professor Uche Ewah Azikiwe, the widow of Dr Nnandi Azikiwe.
Source: GNA
