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africa now COMPILED BY OSWALD T. BROWN, WI CONTRIBUTING WRITER

South Africa Pushes for a Single African Currency to Boost Intra-Continental Trade

South Africa, one of Africa’s biggest economies, is in full support of establishing a single African currency backed by the continental central bank and monetary institute, EYEGAMBIA reported on March 11.

According to International Relations and Cooperation Minister Naledi Pandor, the establishment of the African Union's (AU) African Central Bank (ACB), African Investment Bank (AIB) and the African Monetary Institute (AMI) are considered critical to facilitate a single currency and boost the intra-Africa trade. "In every available continental platform, South Africa has consistently reaffirmed her commitment to continuing to support the continental integration in line with the provisions of the Abuja Treaty of 1991 which seeks to assist the AU member states to overcome trade barriers that impede the flow of goods, services and capital," Pandor said.

This emerged in Pandor's response to a written parliamentary question from Economic Freedom Fighters MP Thembi Portia Msane.

Pandor said the "operationalization" of the African Continental Free Trade Area Agreement (AfCFTA) and the start of trading on January 1, 2021 are viewed as catalysts for long-term continental "prosperity and integration." "It is against this background that the establishment of the African Union Financial Institutions (AUFIs) comprising the ACB, the AIB and the AMI are considered as critical to facilitate the creation of a single currency and boost the intra-Africa trade.” "These institutions form a key component of the flagship projects of Agenda 2063," she said.

Pandor said South Africa utilizes its participation at AU statutory meetings to call for the establishment of the AUFIs and the subsequent realization of a single currency. "It is for this reason that during the 12th Extraordinary session of the AU Assembly in July 2019 in Niamey, Niger, South Africa supported the launch of the operational instruments of the AfCFTA which included amongst others the digital payment system. The launch of the AfCFTA instruments is a remarkable achievement following the entry into force of the AfCFTA," she said.

Pandor also said the August 2021 Southern African Development Community (SADC) summit reaffirmed the bloc's position to create a SADC central bank and monetary union.

According to Pandor, this is a long-term objective in creating harmonization of SADC countries' fiscal and monetary policies. "In this regard, the African Monetary Institute and the African Central Bank should be long-term objectives," Pandor said.

To that end, South Africa is encouraged by the AU Assembly decision from the recently concluded summit in February 2022, which directed the AfCFTA secretariat and the AU Commission to continue to work with the Association of African Central Banks (AACB) to finalize the negotiations on all the outstanding technical issues particularly the macroeconomic convergence criteria which remains a hurdle in the early operationalization of the AUFIs. "The negotiation process on the matter is currently underway; South Africa reaffirms its readiness to work with all stakeholders and in cooperation with other AU Member states to ensure that all outstanding technical issues are addressed expeditiously," she said.

Pandor said the suggestion that South Africa is not advocating for creating a single currency on the "continent is incorrect." WI

caribbean now

Bahamas Central Bank Governor Says Tourism Could Recover to Pre-Pandemic Levels by 2023

John Rolle, governor of The Central Bank of The Bahamas, said tourism booking numbers for 2022 are beginning to resemble pre-pandemic numbers, indicating there is a possibility that the tourism sector could rebound to 2019 levels by 2023.

The Central Bank Governor made this observation during a Chartered Financial Analyst (CFA) Society meeting in Nassau on March 11, according to The Nassau Guardian.

“While Rolle touted the continuing improvement of the tourism sector, he also pointed to looming downside risks that could derail the rebound, which will have to be closely monitored,” The Guardian stated.

“Tourism has recovered at a very strong rate relative to the lows that the economy experienced at the height of the pandemic,” Rolle said. “If you compare March of 2020 before the pandemic took hold and you look at the forward-looking booking numbers, assuming at the time no one anticipated a shutdown, 2022 looks just like that.”

Rolle added, “So that tends to reinforce the idea that we’re getting much closer to a return to parity. And 2023 shows a consistent trend where the booking numbers are improved relative to this year. It points to the likelihood that the industry will be where it was before the pandemic.”

As far as downside risks go, Rolle explained that COVID-19 remains an imminent threat to global and local recovery. He also pointed to the continuing conflict in Europe between Russia and Ukraine, which has led to inflationary pressures, as a threat to growth. Rolle also mentioned US interest rate hikes and climate change pressures as risks that need to be monitored. WI

Blacks Built Virginia Homes Post-Slavery Now Descendants Billed $10,000 For Demolition of “Blight”

Aja Beckham and Denise Rolark Barnes

In Berryville, Virginia, a confederate flag is stamped in front of the building where the Berryville Planning Commission gathers for public hearings. Blocks away, on Josephine Street, log cabin homes purchased by formerly enslaved Blacks after the Civil War remain standing.

The 16-foot-wide street, once called Josephine City, was established in the 1870’s after the Civil War ended in 1865. Twenty-four formerly enslaved Blacks purchased 31 oneacre lots for $100 an acre and built their own community from the ground up. It is believed that the road was named after former slave Josephine Williams, who purchased two of the lots.

The area was seen as an oasis for Blacks in Clarke County. It grew increasingly self-sufficient by establishing a school, grocery store, gas station, boarding house, restaurant, cemetery, two churches and a Black-owned newspaper called “The People’s Journal.”

The community was also home to notable figures such as Lucy Diggs Slowe, a founding member of Alpha Kappa Alpha Sorority, Inc. and William Taylor Burwell Williams, the first Dean of Tuskegee Institute.

Many descendants of Josephine City no longer live there and relocated to nearby cities. Still, homeowners advocate to preserve and restore the properties to prevent demolition.

PUBLIC HEARING

On February 22, the Berryville Planning Commission gathered to set a date for the “blight abatement” public hearing to discuss the six targeted properties that may face demolition. The log cabin homes — located at 12, 112, 114, 203, 225, and 229 Josephine Street — are classified as a “blight” for several reasons. A porch that appears to be structurally unsound, sill beams and other structural elements appear to be deteriorating, and a gutter and downspout system is missing, per a November 5, 2021 letter sent by Keith Dalton, Berryville town manager.

The letter gave property owners until July 1, 2022 to improve the properties.

Descendants echo the same sentiments: they need more time and financing to improve the properties.

“What I’m requesting from you, and hopefully your heart will be softened, is to give us time, you know, to be fair,” said Donna Richardson during the meeting.

The 112 Josephine Street home has been in the Richardson family for five generations. The homestead signifies “independence and finally owning something,” she said.

Richardson has financed fencing, grass cutting and other maintenance services while paying property taxes.

Richardson and other homeowners feel the blight abatement effort is a land grab,

particularly because Richardson sent an abatement plan that Dalton requested in the November letter. All six homeowners were required to send an abatement plan by December 2022. But Dalton rejected Richardson’s plan because it “does not sufficiently abate the blight within a reasonable time” or layout the actions the town would take if the requirements aren’t met, per a follow-up letter sent by Dalton. The Town’s Code Section 5-3, paragraph (b) authorizes council employees or their agents to remove, repair or secure any building, wall, or other structure determined to be a health or safety risk if the owner or lienholder doesn’t after reasonable notice and reasonable time. 5 The 112 Josephine Street home has been in the Richardson family for five genera- William Woodruff’s property was torn down due to tions. The homestead signifies “independence and finally owning something,” says Donna the code. Richardson. Woodruff purchased the home at 23 Josephine Street by way of a public auction in 2010. During a 2012 Planning Commission meeting, he said he boarded up some of the entrances but couldn’t afford to do anything more. Woodruff was billed $10,000 for the demolition of the property, he said. His second property at 114 Josephine Street, also purchased at an auction, is a target. Homeowners on Josephine St. are concerned that the town of Berryville will soon send a $10,000 bill for demolition if homes are not repaired by July 1. Jesse Russell, a resident of Clarke County and descendant of an enslaver, suggested funding options for repairs during the meeting. Russell says a potential solution is to work with Pres5 The Richardson's property is currently vacant. In 1910, her great-grandmother moved ervation Virginia or any preservation society that allows most of the family to Philadelphia for a “better life” beyond a small town, and all of the Josephine Street homeowners to still own the property. family relocated in the late 1980’s. (Candace Dane Chambers/Washington Informer) Josephine School Community Museum, once a segregated school, received a nearly $18 million grant from the National Park Service to repair the roofing in 2018. Russell’s family grew up near Josephine Street. His third-great-grandfather owned enslaved people in Berryville and emancipated them in his will. But after his passing, Russell’s second-great-grandfather contested the will in 1856 and auctioned the 14 freed people back into slavery. “[Josephine] is one of the few, remaining, early post-Civil War, African American communities still in existence. … They take tremendous pride in their history, and I understand it,” Russell said. The next date set by the Planning Commission is March 22. During that abatement public hearing, homeowners will share concerns, and the Commission will share recommendations with the Town Council about the land-use issues.