|This article is part of a series on the|
politics and government of
the African Union
The African Monetary Union (AMU) is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, similar to the euro; the hypothetical currency is sometimes referred to as the afro or afriq.
The Abuja Treaty, an international agreement signed on June 3, 1991, in Abuja, Nigeria, created the African Economic Community, and called for an African Central Bank to follow by 2028. As of 2019[update], the plan is to establish an African Economic Community with a single currency by 2023.
There are two existing regional currency unions in Africa, using the West African CFA franc, and the Central African CFA franc, respectively. Additionally, the Common Monetary Area links several countries in southern Africa based on the South African rand.
The African Union's plans for further integration encourage the development of more such regional unions as an intermediate step to full monetary union. One proposed union is the eco, a proposed currency for members of the Economic Community of West African States (ECOWAS).
In 2002, Mansour Ciss and Baruch Gottlieb created a "prototype" currency, called the AFRO, which they presented at the Dakar Biennale of Contemporary African Art on May 10 . It was designed by Dr. Professor Boamh  The project was a response to the perceived lack of independence created by use of the CFA franc. Notes and coins of the imaginary currency were produced, and given away or sold to the people of Dakar and Senegal to encourage them "to reflect on the meaning (value) of money and the future of their own local currency".
In 2015, Anthony Maruping stated that Kenya, Uganda, Tanzania, Rwanda and Burundi were committed to join a common currency in the next ten years. So far only three of the 53 member states of the African Union have committed to using the currency.
When it is fully implemented via Pan-African Parliament legislation, the ACB will be the sole issuer of the African single currency (African Monetary Union/Afro), will become the banker of the African Government, will be the banker to Africa's private and public banking institutions, will regulate and supervise the African banking industry, and will set the official interest and exchange rates; in conjunction with the African Government's administration.
The current timeline established by the Abuja Treaty calls for a single African currency to be instituted by the African Central Bank by 2028. Although some countries have reservations about full economic and monetary union, a number of regional unions already exist, and others are planned.
|Country||Official currency||Informal currency||Note|
|Cape Verde||CVE||EUR||Once mooted joining the euro in the long term; lodged a formal reservation over the start date, etc.|
|Central African Republic||XAF|
|Republic of Congo||XAF|
|Egypt||EGP||Lodged a formal reservation over the start date, etc.|
|The Gambia||GMD||Planning to launch the Eco at an earlier date.|
|Ghana||GHS||Planning to launch the Eco at an earlier date.|
|Guinea||GNF||Planning to launch the Eco at an earlier date.|
|Lesotho||ZAR||Lodged a formal reservation over the start date, etc.|
|Liberia||LRD||USD||Planning to launch the Eco at an earlier date.|
ZAR(pegged at parity 1:1)
|Nigeria||NGN||Planning to launch the Eco at an earlier date.|
|São Tomé and Príncipe||STN|
|Seychelles||SCR||Once mooted joining the euro in the long term; lodged a formal reservation over the start date, etc.|
|Sierra Leone||SLL||USD||Planning to launch the Eco at an earlier date.|
|Swaziland||ZAR||Lodged a formal reservation over the start date, etc.|
|Zimbabwe||(see note)||As of 29 January 2014 the South African rand, United States dollar, Australian dollar, Indian rupee, Chinese yuan and Japanese yen are all legal tender in Zimbabwe.|