A don, Prof. Jonah Onuoha has called for integration among the 55-member countries of the African Union (AU) to achieve meaningful progress in their quest for common currency.
Onuoha, a professor of International Relations and Head, Political Science Department, University of Nigeria, Nsukka, expressed this thought while speaking on Tuesday in Abuja.
Brazil’s President Luiz Inacio Lula da Silva had at the BRICS summit in Johannesburg, called on BRICS member-nations to create a common currency for trade and investment among each other.
The call entailed reducing the vulnerability of Brazil, Russia, India, China and South Africa (BRICS) member countries to dollar exchange rate fluctuations.
The don explained difficulties of common currency project given economic, political and geographic disparities, urging AU to integrate to avoid negative impact of such move in Africa.
“The issue of BRICS calling for common currency is good, but is it achievable? AU and ECOWAS have been calling for common currency, has it worked?
“Common currency does not just emerge, they emerge through integration of economies, even in Europe, before Europe had common currency called Euro they were able to integrate their economy.
“They also ensured free movement of persons and goods, set boundaries and were able to check their customs union and other issues.
“The call for common currency is okay, but it is not going to be achievable in the nearest future, because ECOWAS sees itself as a family for common currency called Eco.
“How about other sub-regions on the continent? They have not been able to do so because African economy, as well as West Africa is not integrated,” Onuoha stated.
According to him, delay in attainment of common currency has been due to Heads of State and Governments just used to brainstorm on issues, rather than match words with actions.
“Our economies are still different; we are not cooperating on agriculture, not in infrastructure, not in anything, so how can you talk about common currency?
“The BRICS idea is good, but whether it is achievable I do not think so in the near future, therefore the call on AU-member countries to integrate,” he added.
