https://en.sputniknews.africa/20250203/african-development-bank-proposes-mineral-linked-currency-1070476783.html
African Development Bank Proposes Mineral-Linked Currency
African Development Bank Proposes Mineral-Linked Currency
Sputnik Africa
Mining and mineral exploration are essential for many African economies and play a crucial role in driving their growth. The continent holds significant... 03.02.2025, Sputnik Africa
2025-02-03T13:33+0100
2025-02-03T13:33+0100
2025-02-03T16:49+0100
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The African Development Bank proposed a new currency mechanism backed by rare earth metals and minerals mined in Africa, Tanzanian media reported.According to the media, the concept for the new currency mechanism was developed as a means to tap into Africa's vast reserves of critical minerals, including cobalt, copper, lithium, manganese, and certain rare earth metals that are key to the global energy transition and electric vehicles.Under the African Development Bank's plan, countries on the continent will be able to convert local currencies into the corresponding amount of proven mineral reserves.According to the bank's statement, such a currency will be stronger than any of the current African currencies and will not depend on the US dollar or the euro.Local governments will be able to use the money converted into minerals to pay off debts to foreign creditors, the media noted.
https://en.sputniknews.africa/20250201/gabon-benefits-from-export-of-manganese-1070457104.html
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africa, economy, african development bank (afdb), minerals, finance, currency, local currency, development, copper, cobalt, lithium
africa, economy, african development bank (afdb), minerals, finance, currency, local currency, development, copper, cobalt, lithium
African Development Bank Proposes Mineral-Linked Currency
13:33 03.02.2025 (Updated: 16:49 03.02.2025) Ekaterina Shilova
Writer / Editor
Mining and mineral exploration are essential for many African economies and play a crucial role in driving their growth. The continent holds significant reserves, leading the world in bauxite, cobalt, industrial diamonds, phosphate rock, platinum-group metals, vermiculite, and zirconium.
The African Development Bank proposed a new currency mechanism backed by rare earth metals and
minerals mined in Africa, Tanzanian media reported.
According to the media, the concept for the new currency mechanism was developed as a means to tap into Africa's vast reserves of critical minerals, including cobalt, copper, lithium, manganese, and certain rare earth metals that are key to the global
energy transition and electric vehicles.
Under the African Development Bank's plan, countries on the continent will be able to convert local currencies into the corresponding amount of proven mineral reserves.
According to the bank's statement, such a
currency will be stronger than any of the current African currencies and
will not depend on the US dollar or the euro.
Local governments will be able to use the money converted into minerals to pay off debts to foreign creditors, the media noted.
