The system for intra-African trade was developed by African Export-Import Bank (Afreximbank) and African Continental Free Trade Area (AfCFTA) Secretariat. The initiative was backed by the African Union and African central banks. “We are all struggling to make payments for goods and services from one country to another because of differences in currencies. This has seen the Kenyan currency shed about 12.1 percent of its value since the beginning of the year to exchange at about 138.33 units per dollar. That has in turn pressured prices of key inputs such as fuel and raw materials for factories in a net import economy.

Source: Daily Nation May 30, 2023 07:11 UTC