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Browsing: Pan-African payment and settlement system
- It is not easy to create a common currency since it needs the creation of a central monetary system for several nations
- The AU and ECOWAS should reconsider their approach—a common physical currency—and move their attention to building a common digital currency, as the EU is doing
- With the establishment of the Pan-African Payment and Settlement System (PAPSS), which allows for the simple conversion of numerous African currencies, some progress—or maybe too little—has been achieved
- When turned into digital money, Africa’s weak currencies have little chance against stablecoins backed by the US dollar
It is not easy to create a common currency and it would need the creation of a central monetary system for several nations.
This is a regime that, given the diverse economic demands of countries, may be judged undesirable for some member states. Africa’s desire for economic and monetary integration dates back many years.