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Complied by Cass Gilroy-Business Editor

African Union plans to launch African currency by 2010

The African Union has concluded plans to float a bank for an all African currency by the year 2010, saying it will boost investment and trade on the continent. And against this backdrop, a five day summit has been planned to bring together more than 200 delegates from all over Africa, to brain storm, network and exchange creative ideas towards the realisation of the project.

The coordinator of the African Capital & Commodity Services Company, Peter Alexander Egom, said that the proposed bank would issue Gold Mandela as the legal tender for transaction of business among member countries. He also said that the planned common currency for the continent will not be a pipe-dream like the previous ECOWAS currency , the ECO. He assured journalists that the proposed common currency for the continent will become a reality within the next four years, because concrete plans are already in motion to move Africa forward in the manner the Chinese themselves are doing. “We want Africa to be the centre of the global economy. The Black race, have spent 500 years to build the economies of Europe and the Americas, and the time has come to do it for ourselves," he said.

Sponsors for the idea include the MSME Project of the World Bank, Nigeria, UNESCO the Slave Routes Project, the Commonwealth African Unit, the Nigerian Institute of International Affairs, and FSDH - First Securities Discount House. Other partners include the British Council, the Nollywood Foundation, South Africa Airways, Virgin Nigeria Airways, and a host of other firms.


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