Afro (currency)

The Afro is the proposed official currency of the African Union .

The Abuja Treaty is an international agreement signed on June 3, 1991 in Abuja , Nigeria . The treaty established the African Economic Community and covers almost all of Africa . The timetable in the Abuja Treaty provides for the Afro to be introduced by the African Central Bank by 2028 .

In 2018, South African President Cyril Ramaphosa spoke out in favor of a single currency in Africa. This could initially only be introduced as a digital currency. According to experts, the currency should be pegged to the South African rand .

Individual positions of the states

Egypt , Swaziland and Lesotho have reservations about the exact timing of monetary union and have expressed a desire for a two to three year delay. The South African Rand is currently the legal or accepted means of payment in South Africa, Swaziland, Lesotho and Namibia , as these form a common currency area with the Common Monetary Area .

The Seychelles have not joined due to economic fears and, like Cape Verde , want to try to join the euro at a later date. The status of Eritrea , South Sudan and Morocco , among others , is unclear.

Signatory

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The signatories of the contract are:

Egypt c e	Cape Verde c f	Rwanda
Algeria	Kenya	Western Sahara e
Angola	Comoros	Zambia
Equatorial Guinea b	Democratic Republic of Congo e	Sao Tome and Principe
Ethiopia	Republic of the Congo b	Senegal b
Benin b	Lesotho a c	Seychelles c f
Botswana	Liberia d e	Sierra Leone d
Burkina Faso b	Libya	Zimbabwe a e
Burundi	Madagascar	Somalia
Djibouti	Malawi	Sudan
Ivory Coast b	Mali b	South Africa a
Gabon b	Mauritania	Swaziland a c
Gambia d	Mauritius	Tanzania
Ghana d	Mozambique	Chad b
Guinea d	Namibia a	Togo b
Guinea-Bissau b	Niger b	Tunisia
Cameroon b	Nigeria d	Uganda
Central African Republic b

^ause u. a. the South African rand , Namibia also the Namibia dollar , Swaziland the Lilangeni , Lesotho the Loti , and Zimbabwe the RTGS dollar (as well as partly the euro and renminbi (yuan) )

^bUses either the West African CFA Franc or Central African CFA Franc (CFA).

^c Applicants for a formal reservation about the start date etc.

^dPlanning a currency called Eco at an earlier stage.

^e US dollars can be used freely (often on an informal basis).

^flong-term plan to introduce the euro .

See also

• Amero , allegedly planned North American monetary union
• African Central Bank , proposed central bank for the African Union
• Eco , another attempt for a common African currency, in the ECOWAS community
• Khaliji , another attempt at a common currency, in the Gulf Cooperation Council
• West African CFA franc , an existing West African currency union.
• Central African CFA franc , an existing Central African Monetary Union.
• Monetary union
• Special Drawing Right

Web links

• Dr Karis Muller, Australian National University : The Euro And African Monetary Integration. In: Humanitas Journal of European Studies. Volume I, Issue 1, November 2007.
• The Afro, a prototype currency for all Africa.

Individual evidence

1. ↑ Cyril Ramaphosa is backing the Afro - but a single African currency may only work if it is pegged to the rand, says an economist. Business Insider South Africa, March 22, 2018.
2. ^ African Economic Community (AEC). ( Memento from February 22, 2004 in the Internet Archive )
3. ^ Treaty establishing the African Economic Community (AEC) - Part 1. ( Memento of May 12, 2008 in the Internet Archive )