There has been very vocal interest in regional integration, including monetary integration, in Africa over the decades since independence.
With Africa rapidly on the rise – home to seven of the world’s fastest growing economies – African leaders are looking to safeguard a future of sustained growth. A currency union, therefore, appears to be en vogue as (at least one part of) a solution.
However, the concept of a currency union is, perhaps rightly, perceived as inherently flawed. How can separate countries with widely differing economic performances and different languages be effectively tied to a common monetary policy and interest rate? The recent history of the European Union has also hardly been encouraging.
Read more: The pros and cons of EAC monetary union – African Business Magazine.
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