Amidst growing calls for deeper economic collaboration on the African continent, the UPSA Faculty of Accounting and Finance (FAF) has organised a one-day forum focused on stimulating discussions on establishing a roadmap towards adopting a single common currency for Africa.
The seminar, dubbed the Currency Development Dialogue Series, was held under the theme “The Geopolitics of De-dollarization: BRICS Currency Strategy and Lessons for Africa’s Common Currency”. It took place at the West Wing of the Kofi Ohene-Kondau Auditorium on Thursday, July 27.
It brought together prominent economists, scholars, policymakers, and financial experts to deliberate on the potential benefits and challenges of adopting a single currency to enhance continental trade and bolster economic integration.
The Dean of the Faculty of Accounting and Finance, Professor Isaac Boadi, emphasised the significance of the dialogue series in addressing the economic intricacies facing Africa.
He stressed the importance of understanding the geopolitical implications of de-dollarization and its potential impact on African economies, adding that the forum provided an opportunity for thought-provoking discussions on the potential path towards achieving monetary integration while deepening existing relationships with industry players.
The highlight of the dialogue was the presentation by Professor Vladimir Antwi-Danso, an international relations and security expert who shed light on the BRICS countries’ currency strategies and their relevance to Africa’s aspirations.
Prof Antwi Danso argued that the BRICS nations had demonstrated the benefits of cooperation and currency swaps, which could serve as valuable lessons for African countries looking to form a common currency bloc.
He called for a radical approach to the introduction of a common currency while emphasising the need for greater intra-African trade to enhance economic stability and reduce reliance on foreign currencies.
Counteracting this viewpoint, Dr Olorunsola Olowofeso, Director General of the West African Monetary Institute (WAMI), expressed his concerns regarding the challenges of implementing a unified currency across the diverse African continent.
He cautioned that the economic disparities, differing monetary policies, and political complexities on the continent could pose significant hurdles.
Instead, he advocated for a phased approach, suggesting that regional monetary unions should precede the launch of a continent-wide common currency.
Naa Dr. Alhassan Andani, Founder and Executive Chairman of LVSafrica Limited, asserted that reducing dependence on the US dollar would shield African economies from external shocks, thereby empowering them to chart their own economic paths.
He advocated for a monolithic political and economic regime that promoted a regional currency in trade settlements while strengthening financial ties within Africa.
President of the Chartered Institute of Bankers, Mr Benjamin Amenumey, who chaired the event, believes it is time developing countries positioned themselves to take advantage of the emerging opportunities in the realm of global trade and finance.
“As we embark on this enlightening journey, let us remember that the true essence of dialogue does not end in exchanging ideas but also embracing diverse perspectives and taking steps towards implementation to achieve the desired goal,” he stressed.
