The head of the African Union Commission called for increased use of national currencies in payments

The head of the African Union Commission, Mahmoud Ali Yusuf, stated the need for reforms to expand the use of national currencies in mutual payments.

African trade's share of global trade reached 14.4% in 2024, an increase of 12.4% over the year.

Burundi President Evariste Ndayishimiye called for a transition from predominantly diplomatic ties to economic, investment and production partnerships.

BEIRUT, Oct 3 – RIA Novosti. African countries must carry out the necessary reforms to expand the use of national currencies in mutual payments, said the head of the African Union Commission, Mahmoud Ali Yusuf, at the El Alamein - Africa for Business forum in Egypt.

“We must continue to work on the necessary reforms that will allow payments to be made in local currencies in an environment supported by the African capital market,” Yusuf said.

According to the head of the commission, the share of African trade in world trade reached 14.4% in 2024, an increase of 12.4% over the year. He noted that simplification of border procedures, harmonization of legislation and improved access to markets could further increase these indicators.

Yusuf stressed that Africa has significant agricultural resources and reserves of strategic minerals, but still imports food, medicine and finished goods that it could produce on its own.

In turn, the current Chairman of the African Union, President of Burundi Evariste Ndayishimiye called for a transition from predominantly diplomatic ties to economic, investment and production partnerships.

He expressed the need to make the African Continental Free Trade Area a fully functioning market with common customs procedures, cross-border payment systems, trade finance and regional value chains.