• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Post-Colonial Africa Prints Money Overseas, Raising Questions About Self-Sufficiency

1 month ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria: Supreme Court Sacks Taraba APC Governorship Candidate

4 mins ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Chelsea Break Record In Fernandez Deal As January Transfer Window Shuts

24 mins ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria’s Communications Minister Tasks African Leaders On Adoption Of 4IR For Economic Growth

54 mins ago
NCDMB
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Tunisia: President Saied Extends State of Emergency

1 hour ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Moody’s Lowers Ratings For Nine Nigerian Banks

1 hour ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

South Africa Places Embargo On Trains In Zimbabwe Over High Derailment Risk

2 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Mo Farah Set To Bid Goodbye At London Marathon

2 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Malawi: President Chakwera Sacks Eight Ministers In Cabinet Downsize

4 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria: Aso Rock Cabals Sabotaging Tinubu’s Chances Of Becoming President – El-Rufai

5 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Deadline Day Deals: Onuachu Completes Sanits’ Switch, Nigerian League Star Joins Inter Milan 

8 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Manuela Botey Makes History As Equatorial Guinea’s First Female Prime Minister

9 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Cameroon: Fuel Prices Skyrocket As Govt Cuts Subsidies

9 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria: NNPCL Expands Oil & Gas Portfolio With Addax Petroleum Acquisition

9 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Zimbabwe: Belarus President Lukashenko Offers Trucks, Tractors On State Visit

18 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Ethiopia Authorities Bans 15 Foreign Media Outlets

18 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Kenyatta Convenes Crucial Meeting For Urgent Intervention In DR Congo

19 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria: Prominent Traditional Ruler, Emir Of Dutse Dies

21 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Transfer: Nigeria’s Moffi Joins Nice On Deadline Day

23 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Elon Musk Pushes Ahead With Payment For Twitter

24 hours ago
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

KPMG Partners See Pay Increase To £717,000

1 day ago
Wednesday, February 1, 2023
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact
Heritage Times
No Result
View All Result
Translate | EN FR
  • Login
  • Politics
    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: Supreme Court Sacks Taraba APC Governorship Candidate

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: Aso Rock Cabals Sabotaging Tinubu’s Chances Of Becoming President – El-Rufai

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Manuela Botey Makes History As Equatorial Guinea’s First Female Prime Minister

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    ECOWAS Designates 2023 As ‘Election Year’ With Focus On Nigeria And 3 Other Countries

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Liberia: President Weah Announces Bid for Re-Election Despite Mounting Criticism

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    PHOTO STORY: Gen. Ndiomu Visits VP Osinbajo On Behalf Of Amnesty Programme Graduates

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    JUST IN: Opposition Loses Bid To Unseat Nigeria’s President In Court

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria’s Electoral Umpire Further Extends Voter Cards Collection Deadline

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Will Africa’s 2023 Elections Strengthen Democracy?

  • Economy
    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria’s Communications Minister Tasks African Leaders On Adoption Of 4IR For Economic Growth

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Moody’s Lowers Ratings For Nine Nigerian Banks

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Cameroon: Fuel Prices Skyrocket As Govt Cuts Subsidies

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: NNPCL Expands Oil & Gas Portfolio With Addax Petroleum Acquisition

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    KPMG Partners See Pay Increase To £717,000

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: Central Bank Governor Appears Before Parliament, Says Deposit Of Old Naira Note To Continue Beyond Feb. 10

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: NCDMB Boss Receives Leadership Local Content Champion Of The Year Award

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    IMF Predicts 3.2% Economic Growth For Nigeria

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Moody’s Downgrades Nigeria’s Credit Ratings, Causing Bond Sell-Off

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: Supreme Court Sacks Taraba APC Governorship Candidate

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: Aso Rock Cabals Sabotaging Tinubu’s Chances Of Becoming President – El-Rufai

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Manuela Botey Makes History As Equatorial Guinea’s First Female Prime Minister

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    ECOWAS Designates 2023 As ‘Election Year’ With Focus On Nigeria And 3 Other Countries

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Liberia: President Weah Announces Bid for Re-Election Despite Mounting Criticism

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    PHOTO STORY: Gen. Ndiomu Visits VP Osinbajo On Behalf Of Amnesty Programme Graduates

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    JUST IN: Opposition Loses Bid To Unseat Nigeria’s President In Court

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria’s Electoral Umpire Further Extends Voter Cards Collection Deadline

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Will Africa’s 2023 Elections Strengthen Democracy?

  • Economy
    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria’s Communications Minister Tasks African Leaders On Adoption Of 4IR For Economic Growth

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Moody’s Lowers Ratings For Nine Nigerian Banks

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Cameroon: Fuel Prices Skyrocket As Govt Cuts Subsidies

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: NNPCL Expands Oil & Gas Portfolio With Addax Petroleum Acquisition

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    KPMG Partners See Pay Increase To £717,000

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: Central Bank Governor Appears Before Parliament, Says Deposit Of Old Naira Note To Continue Beyond Feb. 10

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Nigeria: NCDMB Boss Receives Leadership Local Content Champion Of The Year Award

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    IMF Predicts 3.2% Economic Growth For Nigeria

    Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

    Moody’s Downgrades Nigeria’s Credit Ratings, Causing Bond Sell-Off

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News
ADVERTISEMENT
Home Featured

Post-Colonial Africa Prints Money Overseas, Raising Questions About Self-Sufficiency

More than two-thirds of Africa's 54 countries outsource their currency production to Europe and North America, some others supplement production with imports, here's why.

December 28, 2022
in Featured, Top Stories
0 0
0
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times
0
SHARES
252
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp
ADVERTISEMENT

By John Ikani

In a continent of 54 states, less than 10 countries have the capacity to print their own currencies or mint their own coins, decades after independence.

Relatedreading

Nigeria: Supreme Court Sacks Taraba APC Governorship Candidate

Chelsea Break Record In Fernandez Deal As January Transfer Window Shuts

To simply put, at least 40 African countries print their money overseas, mostly in Europe (UK, France and Germany) and North America, raising questions about self-sufficiency.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Only a handful of African countries, like Nigeria, Morocco, Kenya, Algeria, South Africa, the Democratic Republic of Congo, Egypt, Sudan, and Zimbabwe have enough resources to print their own currencies or mint their coins. They sometimes supplement production with imports.

More about countries with printing capabilities

Nigeria:

In Africa’s most populous state, Naira notes and coins are printed or minted by the Nigerian Security Printing and Minting (NSPM).

The West African state sometimes supplements production with imports from other overseas printing and minting companies. All notes and coins are issued by the Central Bank of Nigeria (CBN).

Trending
Zimbabwe: Belarus President Lukashenko Offers Trucks, Tractors On State Visit

Morocco:

Up in the North Western corner of Africa, the Dirham is the official currency of the Kingdom of Morocco. It is printed by the Bank al-Maghrib.

Kenya:

In the East African Community, Kenya is one of just two nations that print their money. The Kenyan banknotes (Kenyan Shilling) are printed in Nairobi by security printer De La Rue.

It would be interesting to note that the Central Bank of Kenya on 31 May 2019, issued a new family of banknotes without the portraits of known Kenyan individuals, as mandated by the revised Constitution of Kenya of 2010.

Algeria:

Also situated in North Western Africa, Algeria is demonstrating self-sufficiency like her neighbour Morocco.

The Algerian Currency known as the Dinar (DZD) is printed by ‘Banque d’Algérie,’ the Algerian Central Bank.

South Africa:

In Southern Africa, a decision by the South African Government to print South African currency locally led to the establishment of the South African Bank Note Company in 1958.

The company which is a joint venture between the South African Reserve Bank and Bradbury Wilkinson, has its factory situated in Pretoria.

DR Congo:

The Democratic Republic of Congo and Kenya (already discussed above) are the only East African Countries that produce their own currencies at home.

The Congolese Franc is the currency of the DRC, and the Banque Centrale du Congo (Central Bank of the Congo), is responsible for issuing and printing the Country’s Currency.

Egypt:

The Central Bank of Egypt has a printing house which was established in 1967, culminating the efforts of the Central Bank of Egypt (CBE) over the years, allowing the CBE to print money (Egyptian Pound) locally instead of abroad.

Sudan:

In Sudan, the Central Bank of Sudan and Sudan Currency Printing Press are in charge of printing the Sudanese Pound.

The Sudan Currency Printing Press is a private enterprise of limited liability established in May 1994 in accordance with the 1925 company law.

Zimbabwe:

Zimbabwe temporarily stopped printing its currency in April 2009 as it resorted to using currencies of other countries until it ultimately settled for the United States dollar by the end of that year.

2019 was the year when the Zimbabwean government announced the resumption of money printing and reintroduction of the ‘Zimbabwe Dollar,’ and decreed that all foreign currency was no longer legal tender.

Countries without printing capabilities

On the flip side, countries like Ethiopia, Libya and Angola — along with 14 other countries — place orders from British banknote printing giant De La Rue.

Furthermore, six or seven other nations, including South Sudan, Tanzania and Mauritania, are said to print theirs in Germany’s Giesecke+Devrient.

At the same time, most French-speaking African countries are known to print their money with France’s central bank and with the French printing company Oberthur Fiduciaire.

What prompts them to outsource their currency production?

Outsourcing currency production comes at a huge cost for African nations.

According to Deutsche Welle [DW]: “since these countries usually order millions of notes to be carted in containers, they usually have to pay hefty shipping fees.”

DW cited an example with Gambia which outsources its printing to UK companies with shipping costs racking up a high bill of £70,000 (€84,000, $92,000).

This explains why a delegation from The Gambia visited the Nigerian Central Bank in July 2021, asking if the Gambian Dalasi could be ordered from its West African neighbour, thereby incurring lesser costs.

It is instructive to note that while Gambia can print her money in-country, it makes economic sense for the nation to outsource production. It is for the same reason other African countries tread the same path, thus dismissing the argument of self-sufficiency.

Mma Amara Ekeruche from the African Center for Economics Research explained this better to DW. According to her: “When a country’s currency is not in high demand — and not used globally like the US dollar or the British pound — it makes little financial sense to print it at home due to the high cost involved.”

She went on to note that money-printing machines usually churn out millions of notes at a time. As a result, countries with smaller populations, like The Gambia or Somaliland, would have more money than they needed if they printed their own.

“If a country prints one banknote for €10 at home and sees that it can print it for about €8 abroad, why would they incur more costs? It won’t make sense,” Ekeruche explained.

The article concludes by noting that while economic sense abounds in outsourcing the printing of currency, African nations should strive to domicile the activity in-continent.

Theoretically, African countries could choose those with printing capabilities since there’s likely some idle capacity, just like Gambia’s proposed partnership with Nigeria.

  • South Africa: Activists Seek Enactment Of Menstrual Leave For Female Workers
  • COVID-19: Aviation sector to lose $35bn, 3.5 million jobs
  • Elon Musk Makes History As First Person To Lose $200 Billion
  • Tennis: Djokovic Bears No Grudges, Set For Australian Open Return

Tags: African Center for Economics ResearchbreakingHeritageheritage timesheritagetimesmedialatestMma Amara Ekeruchenewsthe heritage timesthtthtafricatop stories
ShareTweetSendShare
ADVERTISEMENT
Previous Post

German Companies Target Africa For Investment In Green Hydrogen, LNG

Next Post

JUST IN: Nigerian Senate Passes N819.5bn Supplementary Budget

Related Posts

Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria: Supreme Court Sacks Taraba APC Governorship Candidate

February 1, 2023
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Chelsea Break Record In Fernandez Deal As January Transfer Window Shuts

February 1, 2023

Nigeria’s Communications Minister Tasks African Leaders On Adoption Of 4IR For Economic Growth

Tunisia: President Saied Extends State of Emergency

Moody’s Lowers Ratings For Nine Nigerian Banks

South Africa Places Embargo On Trains In Zimbabwe Over High Derailment Risk

Next Post
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

JUST IN: Nigerian Senate Passes N819.5bn Supplementary Budget

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Heritage Bank
AFRICAN HERITAGE CONCERT & AWARDS AFRICAN HERITAGE CONCERT & AWARDS AFRICAN HERITAGE CONCERT & AWARDS

Updates

  • Trending
  • Comments
  • Latest
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria: Music Star, Davido’s Uncle Adeleke Sacked As Osun Governor

January 27, 2023
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

9 Health Benefits Of Garden Egg

July 2, 2022
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

World Cup: Woman Goes Naked, Fan Dies Celebrating In Argentina, As France, Morocco Squads Get Heroes Welcome 

December 21, 2022
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

JUST IN: US Slaps Visa Ban On ‘Undemocratic’ Nigerians

January 25, 2023
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Mauritania: Top FA Official Dies While Celebrating CHAN Win Against Mali 

1
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria: Supreme Court Sacks Taraba APC Governorship Candidate

February 1, 2023
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Chelsea Break Record In Fernandez Deal As January Transfer Window Shuts

February 1, 2023
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Nigeria’s Communications Minister Tasks African Leaders On Adoption Of 4IR For Economic Growth

February 1, 2023
Post Colonial Africa Prints Money Overseas Raising Questions About Self Sufficiency - Heritage Times

Tunisia: President Saied Extends State of Emergency

February 1, 2023
Stanbic IBTC Bank
NCDMB

Most Recent

Nigeria: Supreme Court Sacks Taraba APC Governorship Candidate

February 1, 2023

Chelsea Break Record In Fernandez Deal As January Transfer Window Shuts

February 1, 2023

Nigeria’s Communications Minister Tasks African Leaders On Adoption Of 4IR For Economic Growth

February 1, 2023

Tunisia: President Saied Extends State of Emergency

February 1, 2023

Moody’s Lowers Ratings For Nine Nigerian Banks

February 1, 2023

South Africa Places Embargo On Trains In Zimbabwe Over High Derailment Risk

February 1, 2023

Mo Farah Set To Bid Goodbye At London Marathon

February 1, 2023

Malawi: President Chakwera Sacks Eight Ministers In Cabinet Downsize

February 1, 2023
HOUSE FORTY THREE RESTAURANT
MOSILO GROUP
ADVERTISEMENT

About

The Heritage Times was established to advance transparency and accountability in leadership and governance. Our vision is to become Africa's foremost provider of quality news and contents. We seek to lead a news media revolution that will foster a sustainable democratic Africa.

Featured

Golden Mummy From Egypt’s Past Emerges From The Depths

Will Africa’s 2023 Elections Strengthen Democracy?

UNESCO Settles Jollof Rice Debate, Recognizes Senegal As Birthplace Of The West African Dish

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

    • About
    • Privacy Policy

    © 2023 Heritage Times (HT) Media.

    No Result
    View All Result
    • Welcome
    • Politics
    • Economy
    • Security
    • Exposé
    • Education
    • Sports
    • Health
    • Entertainment
    • Legal
    • Technology and Science
    • Opinion
    • Columns
    • World
    • __________________
    • Photo Speaks
    • Videos
    • You-Report
    • Whistleblower
    • Advertise
    • HT Events
    • About HT
    • Contact us

    © 2023 Heritage Times (HT) Media.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Increase your website's conversion rate with messages like this. Calls to Action.
    Hey psst!...Start selling today
    Get MasterPopups
    Contact Us
    Or
    Powered by MasterPopups