Will there be a new currency union in Africa by 2040?
9
108Ṁ485
2040
33%
chance

This question resolves as YES iff any two (or more) African countries give up their national currencies in favor of a new shared currency, issued by a Central Bank or similar authority set up by the countries in question.

If the two CFA francs unify, that counts as YES. If either of them de-pegs from the euro, that is not enough to resolve as YES. Any new countries joining either CFA doesn't resolve as YES either.

If a country unilaterally adopts the currency of another, like Zimbabwe using the South African rand, that is not enough to resolve as YES.

If two or more African countries enter a currency union with countries outside of Africa, this resolves as YES as long as the majority of the GDP PPP of the union, at the time of coming into force, is in African countries.

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@strutheo I'm really confused as to why this jumped to over 90%... have there been any news that I missed?

bought Ṁ10 NO

@BrunoParga Probably just correcting to base rates?

@IsaacKing I think that would require the market to move lower not higher. None of the existing or historical currency unions count: both CFA zones predate independence by more than a decade, so it's nothing the countries themselves built; Guinea-Bissau joined the XOF and Equatorial Guinea joined the XAF, but joining existing unions does not count. At independence there was a shared East African shilling, which dissolved pretty quickly. The rand zone is not a currency union, it is dominated by South Africa with a peg of neighboring countries' currencies.

Furthermore, some common currency projects have been stalled for a very long time. The Eco was supposed to be implemented in West Africa in 2003. All of the continent was supposed to be adopting an "afro" as their shared currency in 2027.

The base rate is essentially zero.

issued by a Central Bank or similar authority

What if they adopt some crypto currency or other decentralised form of money?

predictedNO

@Riemann thank you for the question. That is akin to adopting, say, the US dollar or the euro, so it doesn't count. It falls under the Zimbabwe case in the original wording of the question.

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