Nevers Mumba, the president of the New Hope MMD party, has called on President Hakainde Hichilema to leverage his position as the current Chair of the Common Market for Eastern and Southern Africa (COMESA) to promote the adoption of a unified currency across all member states. This move would facilitate greater economic integration and cooperation among COMESA nations, ultimately leading to increased trade and prosperity for the region.
President Hichilema’s recent appointment as chairperson of the COMESA authority of heads of state presents an opportunity for him to drive currency unification within the region. This was highlighted during the 22nd Common Market for Eastern and Southern Africa -COMESA- Heads of State Summit and Government held in Lusaka, where President Hichilema assumed the chairmanship. With his new role, he can work towards creating a more unified currency system that will benefit the economies of member states.
Dr. Mumba recently discussed the lack of a single currency in the COMESA region and how it has been hindering the potential for growth and viable exports. With President Hichilema now holding the chairmanship, there is an opportunity to drive currency unification and address this issue. By working with other member states, President Hichilema can use his position to promote economic integration and facilitate trade within the region.
As the newly appointed chairman of COMESA, President Hichilema has a unique opportunity to drive currency unification and increase intra-regional trade volumes. According to Dr. Mumba, the current trade volumes are unacceptably low and a new money system is urgently needed to stimulate development and cooperation among member countries. By leveraging his position and influence, President Hichilema can work towards creating a more unified and prosperous economic future for the region.
The absence of a unified currency across African nations has been identified as a significant barrier to efficient intra-regional trade, resulting in increased transaction costs and inefficient payment systems. As President Hichilema assumes the COMESA Chairmanship, he has the opportunity to drive currency unification and address this obstacle to economic growth and development.
