- Yoofi Grant, the CEO of the Ghana Investment Promotion Centre (GIPC), has called for a common African currency
- He explained explained it would assist with international business as people move from country to country
- Grant added that there is an urgent need for African leaders to examine the situation and provide solutions
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The Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Yoofi Grant, has called for a common African currency.
According to him, the use of different currencies in the continent is a huge barrier as it complicates trading activities.
In his opinion, it should be possible to easily trade in Nigeria without switching currencies.
He further indicated that the decision to make use of a single African currency should be of prime importance to African leaders.
Per a report by Ghana News Agency, he added that difficulty in accessing capital made it challenging for micro-enterprises to grow.
This, he noted, has necessitated the need for great thinking from those who are ready to defy the status quo.
Grant indicated that political stability is necessary for any form of development to take place.
He also stated that there is an urgent need for Africa to do away with cheap capital or cheap funding that negatively affects the objective of its development.
In other news, the Ghana Investment Promotion Centre (GIPC) announced a possible downward review of its annual Foreign Direct Investment (FDI) target of $10 billion.
The decision was reached following the disruption of business and investment activities as a result of coronavirus.
Coronavirus has reportedly led to a loss of global stocks to the tune of over $3 trillion just before the end of 2020’s first quarter.
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