By Professor Douglas BOATENG
A currency represents sovereignty, promotes trade, and embodies a nation’s economic identity.
However, for numerous African countries, their national currencies resemble fragile paper boats navigating stormy seas. Subject to the relentless forces of inflation, external debt, and foreign influence, these currencies are present yet powerless against overwhelming challenges.
Africa’s monetary scenario resembles a fragmented mirror. Each country possesses a fragment that reveals only a glimpse of its actual economic capabilities. These disjointed pieces, both fragile and isolated, do not create a comprehensive view of financial power.
A singular, cohesive reflection, a continental currency could repair this mirror and enable Africa to perceive itself as a complete entity for the very first time.
Here is the uncomfortable reality. A bird with clipped wings may still aspire to soar. However, without strength, it can never take flight. We need more coordinated and collective efforts: less talk, more action. The longer Africa lingers, the more it lags behind.
A national currency should be a source of strength. Yet, for many African nations, their currencies are like royal crowns made of paper; grand in appearance but utterly powerless when the wind of global trade blows. They remain tethered to foreign benchmarks, unable to stand firm without leaning on the crutch of the dollar, the euro, or the yuan.
Ghana’s cedi dances like a leaf in a storm, constantly at the mercy of stronger currencies. Nigeria’s naira, once a symbol of pride, now struggles under the weight of inflation and economic uncertainty. The CFA franc, still shackled to its colonial master, is like a bird whose cage door is open but whose wings have been clipped, ensuring it never flies too far from Paris.
How can a continent rich in gold and diamonds, with the world’s largest reserves of untapped resources, be so poor in financial sovereignty? A farmer who owns the land but rents his plough will always work at the lender’s mercy. Blaming the past and the imposed borders will not solve the poverty challenge. It will not remove trade obstacles.
A unified African currency is not just an ambitious dream. It is the seed that, when planted with wisdom, watered with cooperation, and nurtured with patience, will grow into a mighty tree of economic strength.
Africa does not lack wealth. It lacks unity. A single broomstick may snap under pressure, but a bundle bound together can sweep the entire yard clean. National currencies, each struggling in isolation, will never match the strength of a collective force. A single African currency would not only make intra-African trade seamless. It would also strengthen Africa’s bargaining power in the global economy.
This vision requires commitment. A river that does not flow into the ocean remains a mere stream. If Africa wishes to stand tall, it must flow as one, not as divided tributaries. The regional currency approach was a step in the right direction. It now seems to have stalled, a victim of nationalist mindsets rather than continentalist vision. The dream is valid, but without action, it remains nothing more than an idea trapped in endless summits and communiqués.
The world has already provided a blueprint for Africa to follow. The European Union’s euro has streamlined trade, stabilised economies, and increased Europe’s global influence. But even this system has faced challenges. The debt crisis exposed the dangers of monetary union without strong governance. A horse may be fast, but without a saddle, it will throw its rider.
Africa must learn from this. A bridge built on weak foundations will collapse before the first travellers cross. A continental currency cannot be rushed into existence. It requires strong financial institutions, regulatory frameworks, and fiscal discipline. The weakest economies must be fortified, and the entire system must not crumble under pressure.
Without financial stability, Africa risks replacing its current struggles with new ones. A man who trades one broken chain for another is still not free. There will be short-term pain, adjustments, and sacrifices. But they will be worth it. A unified monetary system requires patience, careful planning, and unwavering political will.
If Africa fails to adopt a unified currency, the consequences will be severe. Continued dependence on foreign currencies will bind African nations to external powers, leaving them perpetually at the mercy of policies crafted in Washington, Brussels, and Beijing.
Inaction will let others define Africa’s trade, resources, and economic future. A cow that doesn’t drink from its own well will continually rely on the generosity of others. The continent cannot afford to watch another generation struggle under the weight of a divided monetary system. A house divided cannot stand. An economy fragmented cannot thrive. Africa’s inability to speak with a unified financial voice weakens its global influence. It leaves the continent vulnerable to exploitation.
Imagine an Africa where trade flows freely from Cairo to Cape Town, from Lagos to Nairobi, without the burden of currency conversion. Picture a continent where entrepreneurs, small businesses, and major industries are not shackled by exchange rate fluctuations. Imagine a future where economic stability is no longer a privilege but a norm.
This is not a fairy tale. It is a future waiting to be claimed. Africa must no longer borrow wings to fly but spread its own, soaring high on the winds of unity. For too long, African leaders have gathered at summits, issued declarations, and returned home without action. The idea of a unified currency has been discussed for decades. Yet, little progress has been made. A man who sharpens his sword for a lifetime but never goes to battle is no warrior.
The time for words is over. The time for action is now. If Africa waits for the perfect moment, it will never come. A farmer who waits for the perfect rain will never plant his crops.
The first steps must be taken now. Central banks must work together. Regional economic blocs must coordinate policies. Governments must set aside short-term political interests for the long-term economic freedom of their people. A bird that refuses to leave the nest will never know the sky. Africa stands at a crossroads. The decision to pursue a unified currency is not just about economics. It is about creating a legacy of self-reliance, unity, and sustainable growth.
The path ahead will require courage and cooperation. It will demand leaders who prioritise the collective good over individual ambition. The rewards, however, are immense. A unified currency could unlock Africa’s full potential. It would allow the continent to rise as a global economic powerhouse.
The moment for action is here. African leaders should take advantage of this chance to foster change. Through unity, vision, and resolve, the continent can achieve a future filled with prosperity progress. Let these words guide us. True sovereignty is achieved when we control our destiny. A unified African currency is the cornerstone of that destiny. Let us rise to the challenge and embrace the future with hope and determination. The future waits for no one; it is owned by those who are ready for it.
>>>the writer is a globally celebrated thought leader, Chartered Director, industrial engineer, supply chain management expert, and social entrepreneur known for his transformative contributions to industrialisation, procurement, and strategic sourcing in developing nations.
As Africa’s first Professor Extraordinaire for Supply Chain Governance and Industrialization, he has advised governments, businesses, and policymakers, driving sustainability and growth. During his tenure as Chairman of the Minerals Income Investment Fund (MIIF) and Labadi Beach Hotel, he led these institutions to global recognition for innovation and operational excellence. He is also the past chairman of the Public Procurement Authority.
A prolific author of over 90 publications, he is the creator of NyansaKasa (Words of Wisdom), a thought-provoking platform with over one million daily readers. Through his visionary leadership, Professor Boateng continues to inspire ethical governance, innovation, and youth empowerment, driving Africa toward a sustainable and inclusive future.
