Africa’s $5 Billion Annual Drain: The Hidden Cost of Forex Trade
Africa loses an estimated $5 billion each year because many cross-border transactions are conducted in foreign currencies, primarily the US dollar, says Dr. Melaku Geboye Desta of the African Trade Policy Centre. This dependence on non-African currencies raises the cost of trade, prolongs settlement times and exposes economies to exchange-rate volatility. Using currencies outside the … Read more