THE use of a common African currency will not only reduce the cost of trading but also ensure an expand­ed market and build economic independence on the African con­tinent, former President of South Africa, Mr Jacob Zuma, has said.

“A common currency is not just economic. It is political. It would make Africa a negotiating block of 1.4 billion people, not just 54 vulnerable States begging for trade price”, Mr Zuma stated, while bemoaning the use of foreign currencies, especially, the dollar, under the African Continental Free Trade Area (AfCFTA).

Some of the dignitaries at the lecture.

Mr Zuma made the call at the 7th edition of the Annual Uni­versity of Professional Studies, Accra (UPSA) Leadership Lec­ture held in Accra on Tuesday.

The lecture was under the theme, “The Geopolitics and Geo-economics of De-dollarisa­tion: BRICS Currency Strategy, Lessons for Africa’s Common Currency and Beyond.”

He said the emergence of new technologies and digital plat­forms allowed African countries to build financial systems, add­ing that, “some African banks are already experimenting with cross-border payments in local currencies, a trend that should be promoted.”

Mr Zuma called on Ghana and other African countries to draw lessons from the strategies de­ployed by Brazil, Russia, India, China and South Africa (BRICS) to help in the development of the African continent while strengthening its sovereignty.

The BRICS countries aim to represent emerging economies and challenge the existing global order dominated by Western powers, particularly through economic and diplomatic coop­eration and coordination.

According to Mr Zuma, BRICS, since its inception, has deployed a number of strategies to ensure economic liberalisa­tion of the African continent, which included the promotion of the use of a common African currency.

Moreover, Mr Zuma noted that the establishment of the New Development Bank (NDB) by BRICS had financed infra­structural projects, energy, and trade on the African continent.

“By bringing Africa into BRICS, South Africa made sure that the continent will no longer remain a passive supplier of its natural resources but will be an active participant in shaping global trends,” Mr Zuma stated.

However, Mr Zuma noted that African govern­ments alone could not work to ensure the sovereignty and economic liberalisa­tion of the African continent.

He therefore urged the youth and women, as well as relevant stakehold­ers, to contribute their quota towards the achievement of economic indepen­dence and liberalisa­tion on the African continent.

The Minister of Education, Mr Haruna Iddrisu, in his remark, said the delivery by Mr Zuma on the theme of the lecture was appropriate considering Ghana’s economic challenges in recent times.

The Vice-Chancellor of the UPSA, Professor John Kwaku Mensah Mawutor, earlier in his welcome address, said, “At UPSA, our commitment to thought leadership is unwavering. We believe that nurtur­ing leaders requires not only academic instructions, but also critical exposure to the big debates that define our society and our future.”

Present at the lecture were the former President, Mr John Agyekum Kufour, the Chancel­lor of UPSA, Dr K.K. Sarpong, the Council Chairman of UPSA, Dr Harry Lawson Kwaku Ag­benu, Members of Parliament, the clergy, members of aca­demia, students, and a delegation from South Africa.

Mr Zuma was presented with a plaque and a smock in rec­ognition of his contribution to the development of the African continent.

 BY BENJAMIN ARC­TON-TETTEY & PRINCE ADDO FRIMPONG