African Development Bank to Test Critical Minerals Backed Currency

Africa Set To Test Critical-Minerals-Backed Currency Major countries and regional blocs in Africa are throwing their weight behind an ambitious plan to establish a “non-circulating” currency backed by critical minerals, which are crucial to technological development, defense, and economic growth. Analysts say a denomination based on commodities could reduce Africa’s reliance on foreign currencies—especially the U.S. dollar—and decrease its dependence on loans from China, Europe, the United States, and global financial institutions like the World Bank. The proposed monetary unit is provisionally called the African Units of Account (AUA), according to a plan formulated by the African Development Bank (AfDB) and KPMG South…