{"id":389472,"date":"2011-04-22T14:57:17","date_gmt":"2011-04-22T14:57:17","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/22\/two-more-blocs-join-common-currency-talks\/"},"modified":"2011-04-22T14:57:17","modified_gmt":"2011-04-22T14:57:17","slug":"two-more-blocs-join-common-currency-talks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/22\/two-more-blocs-join-common-currency-talks\/","title":{"rendered":"‘Two More Blocs Join Common Currency Talks’"},"content":{"rendered":"
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\"Zimbabwe<\/a><\/p>\n

Nqobile Bhebhe<\/p>\n

20 April 2011<\/p>\n

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PLANS to adopt a single currency for the 15-member Southern African Development Community (Sadc) by 2018 could be overtaken by a much broader regional single currency and customs project that would include two other trade blocs, Industry and International Trade minister Welshman Ncube has said.<\/p>\n

Sadc, Common Market for East and Southern Africa (Comesa) and the East African Community are in talks aimed at setting up a single monetary union and a free trade area by 2016.<\/p>\n

A tripartite summit is scheduled for South Africa in May. Ncube said it would be wise for Sadc to “slow down towards a common currency”.<\/p>\n

“The current roadmap is that we have a target for the common currency by 2016, assuming that all other issues such as the building blocks around the customs union have been achieved.<\/p>\n

“But I doubt that route would be pursued with any enthusiasm because of discussions going on around the tripartite free trade area,” he said.<\/p>\n

The tripartite was the coming together of Comesa, Sadc and East African community with a view to constructing a bigger regional organisation, said Ncube.<\/p>\n

Member states of the Sadc integration project agreed to form a common central bank and adopt a single currency.<\/p>\n

In preparation for this, states had agreed to reduce their budget deficits to 5% of gross domestic product and bring inflation to below 10%.<\/p>\n

When the Sadc monetary union plan was mooted, 2016 was initially set as the target for a monetary union and a single currency by 2018.<\/p>\n

Ncube said with a bigger free trade area, attention would be directed at integrating and consolidating the three bodies.<\/p>\n

“If that happens, the movement by any of the three bodies towards a monetary union would be difficult because you do not want to move the three organisations towards completely separate monetary unions which would end up integrated.<\/p>\n

“Therefore, it would be wiser to slow down movement towards monetary union and create a three body regional free trade area, a bigger customs union, before moving together towards a single monetary union,” he added.<\/p>\n

Currently, Sadc has launched a regional payment integration system which facilitates electronic settlements between banks within the region.<\/p>\n

The regional payment system is widely seen as a forerunner towards the single currency initiative. However, some Sadc economies might find it a herculean task to bring inflation down to single digit levels.<\/p>\n

There are fears that the integration and the introduction of a single regional currency will tilt balances of trade and investment in favour of the more stable economies in the region that may eventually swallow the smaller economies.<\/p>\n

Zimbabwe, Madagascar, Seychelles, Mauritius, the DRC, Swaziland, Malawi and Zambia are also in Comesa along with Burundi, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Rwanda, Sudan, and Uganda.<\/p>\n

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Link:
\n‘Two More Blocs Join Common Currency Talks’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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