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Browsing: African Continental Free Area
African countries’ attempts to form a common regional currency have proven futile precisely because of all the frameworks of laws that need to be revised and harmonized in the different countries. For example, the eco in West Africa and the shilling in East Africa.
Ghana and Nigeria have even gone ahead to create their central bank digital currencies, indicating their lack of belief in the workability of the eco.
What does this mean? In the next 100 years or more, Africa cannot create a common currency acceptable throughout the continent.…