Kenya’s William Ruto has made a bold statement at the just-ended United Nations meeting, and he amassed huge support from people who believe in a united Africa and a sovereign one as such.
Mr Ruto had the opportunity to speak to the Excellencies, and he decided to inform them about some key initiatives the African Union is putting in place to make Africa Sovereign financially.
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According to Ruto, the first step the AU is about to take is to ensure the continent gets the African Central Bank to issue a single currency just like it’s done in Europe, where 20 Countries, which include Portugal, Spain, France, Luxembourg, and many others, all use the Euro as their legal tender.
This 1-currency dream has been hovering for a long time, but it’s yet to become a reality since the establishment of the ECOWAS and the AU.
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This initiative will help the Africa to be financially free and not dependent on a foreign currency to determine the strength of its local currency. The 1 currency dream will ensure the continent uses the African currency for all purchases.
The second Transformative initiative the African Union is putting in place is the African Monetary Fund. Just like the International Monetary Fund, this Fund will focus on strengthening the African Economy and grant true financial sovereignty because it is widely known that most African Countries are always running to the IMF for financial support when their economy is collapsing. This Fund serves that purpose.
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The Last Initiative is the African Investment Bank, which will be designed to mobilize resources for Infrastructure and development. African Investment Bank will ensure that it provides support for African Countries to develop the continent by mounting great infrastructure and developing the industrial side by investing in local businesses to expand them to the highest level and world standards.
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