Leaders of the 15 member states of the Economic Community of West African States (ECOWAS), have formally agreed to name a planned common currency the “ECO”. The currency would be based on a flexible exchange rate regime, coupled with a monetary policy framework focused on tackling inflation.
Now that African countries have signed up for the continental free trade agreement, they must complete the institutional loop by jumpstarting the creation of the African Monetary Fund.
Zimbabwe has a severe energy crisis because its major sources of electricity are struggling to keep up with demand.
The Zimbabwean government has outlawed the use of all foreign currencies in local transactions. This includes the United States dollar, British pound, South African rand and Botswana pula. The Zimbabwe dollar will now be the sole legal tender in the country.
Arming young people with financial capabilities does improve their employment prospects, but how exactly is still not clear. One possibility is that financial literacy boosts their confidence.
Kenyan lawyer, intellectual and Pan-Africanist Dr Willy Mutunga has been arguing for a new dimension to be added to the fight for the total liberation and emancipation of the African continent: one that calls for the involvement of the judiciary in advancing Pan-Africanism in the 21st century.
African governments are considering ways of tapping into the lucrative marijuana market. According to a UN survey, more than 10 000 tons of cannabis are produced on the continent each year, which could be worth billions of dollars in a rapidly expanding global market for legal cannabis.
There is a groundswell of criticism from Africans about the bias in reporting of events on the continent, but is there a commitment to do it ourselves?
According to the European Patent Office, teff flour and associated food products were “invented” by a Dutch man named Jans Roosjen in 2003. This is despite the fact that teff has been an integral part of Ethiopian traditional food and culture for millennia.