Africa Will ‘One Day Have a Common Currency’ Says Secretary General of African Continental Free Trade Area

Africa Will ‘One Day Have a Common Currency’ Says Secretary General of African Continental Free Trade Area


The secretary-general of the African Continental Free Trade Area (AFCFTA) secretariat, Wamkele Mene, says Africa will “one day have a common currency” via a proposed “Pan-African Payment and Settlement System (PAPSS).” He adds that such a currency will help “ease constraints of settling intra-African trade in foreign-denominated currency.”

Challenges Ahead

In comments recently carried by regional news outlet This Day, Mene admits that challenges will be encountered before the dream of a common currency is finally realized. However, to illustrate his own conviction that this objective will be achieved soon, Mene points to the situation before the realization of AFCFTA when “people never thought that there would ever be a free trade area in Africa.”

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