Thursday, February 19, 2009

Ngwenya welcomes proposals of a single currency for Africa

Lusaka Times, 03/02/2009

Common Market for Eastern and Southern Africa, COMESA, Secretary General Sindiso Ngwenya has hailed calls for the introduction of Africa’s single currency.

Mr Ngwenya said a single currency would help reduce the cost of doing business on the continent.

Mr Ngwenya told ZANIS in an interview, today, that a single currency could also promote cross border trade and investment necessary for economic growth on the continent.

The Comesa Secretary General said the currency would ensure that prices of commodities will be easily compared in the region.

He emphasized that if European Countries have been successful in having a single currency, the Euro,nothing will stop African countries from doing the same.

Mr Ngwenya also acknowledged plans to form United States of Africa saying it a thoughtful idea adding that the only challenge that exists is how to form the continental Union.

He said that African countries will definitely benefit from this. He later noted that if Africa speaks with one voice it will be stronger.

He stated that African countries might be moving at a different economic development pace but what is important is that they are moving toward the same direction.

He said that the time is now for those countries who want to integrate to do so and that they should not wait for other countries.

He urged the countries who are sitting on the racing chair to continue and those who are not to be compelled to sit on that chair and race with others.