More than two-thirds of Africa’s 54 countries print their money overseas, mostly in Europe and in North America. It comes at a time when the African Union is trying to usher in a golden, made-in-Africa age that should see Africa beef up production and enjoy greater profit.
In a surprising revelation, it has been discovered that only nine out of 54 African countries have the capability to print their own currencies. This highlights the continent’s reliance on external printing services for its monetary needs.
READ ALSO: Trump Imposes Tariffs On Global Trade, Ghana Hit With 10%
The Nine Countries
The nine countries that print their own currencies are:
1. South Africa: The South African Reserve Bank has its own printing facility, which produces the South African rand.
2. Egypt: The Central Bank of Egypt has a printing facility that produces the Egyptian pound.
3. Morocco: The Bank Al-Maghrib, Morocco’s central bank, prints the Moroccan dirham.
4. Tunisia: The Central Bank of Tunisia prints the Tunisian dinar.
5. Nigeria: The Central Bank of Nigeria has a printing facility that produces the Nigerian naira.
6. Ghana: The Bank of Ghana has a printing facility that produces the Ghanaian cedi.
7. Kenya: The Central Bank of Kenya prints the Kenyan shilling.
8. Tanzania: The Bank of Tanzania prints the Tanzanian shilling.
9. Ethiopia: The National Bank of Ethiopia prints the Ethiopian birr.
Implications
The fact that only nine African countries can print their own currencies has significant implications for the continent’s economic sovereignty. Many African countries rely on external printing services, which can lead to delays and increased costs. This can also compromise the security and authenticity of the currency.
Nine Out Of 54 African Countries Print Their Own Currencies
Conclusion
The ability to print one’s own currency is a crucial aspect of a country’s economic independence. The nine African countries that have this capability are better equipped to manage their monetary policies and ensure the security of their currencies. However, the majority of African countries still rely on external printing services, highlighting the need for investment in currency printing infrastructure.
