Policy makers and opinion leaders in Africa have called for a swell economic growth and currency stability in the continent by introducing a single regional currency for Africa.
This is contained in a statement released to journalists on Monday, September 2, 2024 after the August edition of the Pan-African Manufacturers Association (PAMA) monthly meeting.
With China’s economic rise in view, the Pan-African Manufacturers Association (PAMA), stressed the need for African countries to invest heavily in infrastructure, technology, and skilled labour to ensure that a solid manufacturing base is established.
The opinion leaders argued that this move would not only decrease dependence on the U.S. dollar but also protect African economies from global currency risks and also enhance economic integration across the continent.
“A single regional currency could be a game-changer for Africa. It would foster economic unity and reduce the financial volatility that many of our nations face, PAMA is at the forefront of promoting policies that favour manufacturers across the continent”.
“Promoting industrialization in Africa is critical to our continent’s future. By working together and integrating our markets, we can compete globally and ensure sustainable economic growth,” says PAMA.
According to the statement by the Association, "PAMA’s efforts are channeled towards enhancing regional integration, creating larger markets, reducing production costs, and boosting Africa’s competitiveness in the global market.
“A strong manufacturing sector is essential for Africa’s economic future. It’s not just about producing goods; it’s about creating jobs, driving innovation, and establishing a trade surplus that will strengthen our local currencies”, said PAMA.
Experts also revealed that export-oriented growth strategy is also gaining momentum and will leverage on the economy, highlighting its force and potential to reduce Africa’s reliance on foreign currencies and manufactured products.
They further explained that African countries can support the value and stability of their currencies, much like China has done over the past few decades by engaging in consistent export activities.
As Africa continues to move in its economic path, the focus on building a strong manufacturing base and adopting strategic economic policies is seen as vital to achieving long-term prosperity and stability.
In their own words, they said : “Increasing our export capacity is crucial. It’s a proven method to stabilize our currencies and reduce dependency on the U.S. dollar. This approach will help us build a more resilient economy’’.
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