Already, 14 countries in West and Central Africa share the CFA franc, which is pegged to the euro.
And South Africa shares a monetary policy with Lesotho, Namibia, and Swaziland.
We cannot stumble where the road is clear.
Africans are latecomers to the demonetization movement.
But we can use this to our advantage, by learning from countries that have already made the transition or are on the way.
These include not just India, but also Denmark, Norway, and Sweden. We must view this as a strategic advantage in the much-needed structural transformation of the African economy.
With a smart strategy, underpinned by patience and commitment, Africa can build a cashless economy, with high levels of financial inclusion supporting economic prosperity and security.
Before too long, buying a “Kofi broke man” – a roasted plantain with groundnuts – by the roadside in Ghana could be a cashless transaction, one that helps the vendor prosper in the present – and save for the future.
By Carl Manlan. This article was first published by Project Syndicate.
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