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Africa needs common currency for growth, says AU official

by Business News Report

Director for Economic Affairs, Commission of the African Union (AU) Dr Rene N`Guettia says there is need for Africa to adopt a common currency to ensure inclusive growth in the continent. N`Guettia said this at the ongoing 7th Joint Annual Conference of Ministers of Economy and Finance and Economic Community of Africa (ECA) on Wednesday in Abuja. He said that the aim of the summit was to ensure the establishment of African monetary fund as part of efforts to ensure a single currency to promote trade among African countries.
He, however, commended the achievement of ECOWAS in promoting free movement of persons, saying it was the biggest achievement of the commission. N`Guettia stated that the African Union had tried to motivate the countries and other regions to replicate the achievements of ECOWAS in their regions. Because we know that without free movement, nothing can happen, we cannot develop or industrialize the continent if Africans cannot move freely and we cannot develop African trade if Africans do not have free movement.

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