Ngwenya Welcomes Single Currency for Africa

(Lusaka Times)--The secretary general of the Common Market for Eastern and Southern Africa (COMESA), Sindiso Ngwenya, with Russian Ambassador to Zambia Boris Malakhov while presenting his credentials COMESA, said he hailed calls for the introduction of Africa’s single currency.

Mr. Ngwenya said a single currency would help reduce the cost of doing business on the continent. Mr. Ngwenya told ZANIS in an interview, on 3rd February, that a single currency could also promote cross border trade and investment necessary for economic growth on the continent.

The COMESA Secretary General said the currency would ensure that prices of commodities are easily compared in the region. He emphasised that if European Countries have been successful in having a single currency, the Euro, nothing would stop African countries from doing the same. Mr. Ngwenya also acknowledged plans to form United States of Africa saying it a thoughtful idea adding that the only challenge that existed was how to form the continental Union.

He said that African countries would definitely benefit from this and that Africa would be stronger if she spoke with one voice. He stated that African countries might be moving at a different economic development pace but what is important is that they are moving toward the same direction. He said that the time is now for those countries that wanted to integrate to do so and that they should not wait for others. He urged the countries that are sitting on the racing chair to continue and those that are not to be compelled to sit on that chair and race with others.

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