Cllr. Koffa, Liberia’s Deputy Speaker, has urged African leaders to adopt a single currency for the continent. He believes that this would make it easier to do business in Africa and boost trade and commerce. He also argued that it is economically essential and critical to adopt such a progressive measure.
The Liberian Deputy Speaker spoke at the 8th African Leadership Magazine Summit (AML) on July 10th and 11th, 2023. He argued that the 40 different currencies in Africa make it difficult to do business on the continent. He said that many of the currencies have no value and the rest are artificially pegged.
The Deputy Speaker’s argument is that a single currency would make it easier for businesses to trade across borders. This would boost economic growth and investment in Africa.
Meanwhile, Koffa has called on African governments to forge a common policy to transform African raw materials into finished products on the continent. He argued that it makes no sense to extract African raw materials to supply factories in China that sell finished goods to the West. He said that African economies will not grow, working classes will not increase, and the middle class will not prosper as long as Africa remains a supplier of raw materials.
However, Koffa was pleased to speak at the summit, which focuses on new opportunities for African investment, partnership, and collaboration with British investors. He said that Africa is ready and willing to work with British investors, noting that Africa shares part of the British culture in terms of Western democracy and political governance.
Koffa also highlighted that millions of Africans have now come to accept democracy, with elections now the norm. He also noted that Liberia has championed the normalization of women in politics, having elected the first democratically elected female head of state in Africa and a female vice president today.
Meanwhile, Koffa told summit delegates that Africa is moving away from totalitarianism and conforming to global standards. He believes that the UK should be given a chance in Africa, as Africa has more English speakers and the UK was instrumental in building democracies in Africa.
Furthermore, Koffa called on African countries to trade with each other and not rely on foreign aid. He said that Africa has the potential to become a major economic force, and that a new Pan-African movement is needed to achieve this goal. Koffa invoked the Pan-Africanist ideals of Kwame Nkrumah, Sekou Toure, William Tubman, and Jomo Kenyatta, and said that a book by his friend, subtitled “Rich Land; Poor Country,” accurately describes the situation in many African countries today.
He, however, called on African leaders to unite and work together to improve the continent’s economy and image. He said that Africa has the potential to be a global economic powerhouse, but that it needs to improve its political governance. He also emphasized the need to build infrastructure and improve the rule of law and civil liberties.
The 8th AML summit gathered over 700 decision-makers, politicians, business leaders, civil society leaders, thought leaders, journalists, and stakeholders from Europe, the US, and Africa to discuss how to prepare the private sector for a more integrated and competitive investment environment in Africa. The summit used its unique access to some of the world’s most influential leaders, policymakers, and entrepreneurs to address current critical issues by finding innovative solutions.