Could Africa have a single currency to run alongside its existing currencies?
A common currency implies a co-ordinated set of economies, the exchange rates between any local currency and the common unit has to be stable for it to work. This requires each economy to follow strict guidelines for managing their economies. Africa is a very divers continent, far more diverse than Europe. The countries can not even agree on simple human rights issues. They are at war with them selves and each other. How could they agree to manage their economies to a single set of rules? Apart from a convenience for tourists there is nothing to be gained in having a common currency if the local currencies are not tied to it. If they are tied to it then there is nothing to be gained by keeping the local currencies other than sentimental value. The cost involved in running tow currencies side by side is substantial and of limited value, so why do it?
