Hannah Shantel Content developer 9 Questions 25 Answers 3 Best Answers 533 Points View Profile 1 Hannah Shantel Asked: April 26, 2019In: Economy How will it be if Africa used one currency backed by gold? 1 Tell others:ShareWhatsAppTweet 2 Answers Nibernet Lead Admin, Nibernet. 30 Questions 5 Answers 0 Best Answers 34 Points View Profile Nibernet Lead Admin, Nibernet. Added an answer on April 26, 2019 at 3:38 pm It would have made it possible for Africa to have a harder currency than the soft Franc cefa, Naira and all of them- most African countries would been rubbing shoulders with dollar and pounds driven economies. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Grace Amadi Graphic Designer 14 Questions 29 Answers 1 Best Answers 717 Points View Profile Grace Amadi Graphic Designer Added an answer on April 26, 2019 at 1:02 pm If this is achieved in Africa, the continent would be the only one in the world to have adopted the use of “real” or “sound” money for transaction. No doubt, it would be a great thing. But considering the rate of corruption in African governments, it is not certain if a gold backed currency would be of any or much help. Yes, a hard currency would tend to prevent hyperinflation, but so would any decent monetary policy. In short, it might do more harm than good, considering the risk of military actions staged just to get hands on the gold. A “soft” currency may be harder to steal. 1 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerLeave an answerCancel reply Featured image Select file Browse Save my name, email, and website in this browser for the next time I comment. Notify me of new posts by email.