SADC revists single currency dream

A single currency for the Southern African Development Community appeared to be a pipe dream in the wake of the euro zone crisis that had unravelled in the past few years.

This was despite “added advantages” that would come with such a move, Mike Mabuyakhulu, KwaZulu-Natal Economic Development and Tourism MEC, and his Swaziland counterpart, Jabulani Mabuza, told reporters this week.

Mabuyakhulu, Mabuza and Mozambique and Seychelles officials led a delegation of hundreds of business people, government officials and journalists to this year’s instalment of the East3Route expedition.

The expedition saw delegates trek through Mozambique to Swaziland and KZN’s iLembe district in 50 bakkies and multicabs. The aim was to promote business trade and tourism among the four countries.

Mabuza said a single currency would “overcome existing barriers and uplift the lives of the people in the region”.

However, Mabuyakhulu appeared apprehensive. “It is important that the issue of the currency be put into proper context,” he said.

The SADC website says the implementation of a single currency is “the final step in the process of deepening regional economic integration”. It would see the region “establish … as an Economic Union”. It targeted 2018 as the implementation date.

Mabuyakhulu said the euro zone meltdown had made the region “look at the issue and approach it on the basis of being circumspect in the manner in which we handle it”.

Mabuza said a single currency would boost the region.

“It will mean I don’t have to worry if I go to these SADC countries.

“You don’t have to go to the banks and queue to change your money. It will be a benefit,” he said.

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