Why Grenada’s PM Says Africa Needs Its Own Currency And What It Means for the Diaspora

Prime Minister Dickon Mitchell advocates for currency consolidation across Africa and the diaspora to boost trade and people movement.

The Presidential Session of the 32nd Afreximbank Annual Meetings (AAM2025) which held in Abuja, Nigeria, gathering top African and Caribbean leaders under the theme: “Can Africa and the Caribbean Rise in a Fractured World? The Strategic Role of Afreximbank.”

A central discussion point was the growing global shift away from traditional fiat currencies such as the U.S. dollar and the euro, raising critical questions about what African and Caribbean leaders should do in response to changes in global currency dynamics.

One of the questions posed during the session asked:

“Now that the world is discovering that the dollar and the euro are fiat currencies without anchor, what are Caribbean and African leaders doing or should be doing amid these shifts in global currency awareness? As we look ahead, what currency should we be using to trade?”

Prime Minister Honourable Dickon Mitchell of Grenada responded with a bold vision for monetary integration, calling for the creation of a unified African currency that includes the diaspora.

“We must work toward a future where there is an African currency that includes the diaspora,” said PM Mitchell. “In the case of Africa, you probably have 54 different currencies. I currently carry eight different currencies with me. this illustrates the scale of fragmentation.”

He further emphasized that achieving monetary unity would streamline not only intra-African trade, but also facilitate easier movement of people within and outside the continent. 

“It’s not just about trade, it’s also about the movement of people”

Someone reminded me today: you could be a Nigerian investing in the U.S., but you may not be a Nigerian who can get to the U.S. because you don’t get a visa,” he added. “If we have currencies that allow us to trade with ourselves, there’s no need to go to the U.S.”

The call aligns with Afreximbank’s strategic focus on financial independence and regional integration. As Africa works to deepen its ties with the Caribbean and the wider diaspora, leaders are increasingly advocating for homegrown financial solutions that support sustainable economic development.