Governors gloomy on outlook for pan-African currency
South African, Nigerian and Ghanaian central bank governors say path to regional and continent-wide single currency littered with obstacles; single currency will not correct underlying problems
Regional and continent-wide currency unions remain a distant prospect in Africa and are not being sought for the right reasons, Gill Marcus, the governor of the South African Reserve Bank, and Sanusi Lamido Sanusi, the governor of the Central Bank of Nigeria, have told CentralBanking.com.
Speaking during the Bank for International Settlements' Annual General Meeting in Basel last Saturday, Marcus pointed out that a single currency was the outcome of a convergence process and would not, in itself
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