AFRICAN UNION BILL NO. AU/2025/001

    A BILL Under the Authority of the Ministry of Economic Transformation (The Met)

     

     

    To establish the African continental currency known as the cedis, under the exclusive currency code AFC, for use solely within the African continent; to provide a unified monetary system independent of foreign currencies; to create a continental financial identity; and to set out the regulatory, institutional, and transitional frameworks for its implementation.

    ENACTED by the Pan-African Parliament and the Assembly of the African Union:

     

     

     

    PART I – PRELIMINARY

     

     

    1. Short Title and Commencement 

     

    This Act may be cited as the African Sovereign Currency Act (AFC Act), 2025, and shall come into force on such date as determined by the Minister for Economic Transformation, in consultation with the Assembly of Heads of State and Government.



    2. Definitions 

    For the purposes of this Act—

    • “AFC” refers to the official currency code representing the African continental currency: cedis.
    • “Cedis” means the official and exclusive name of Africa’s sovereign currency, established under this Act.
    • “The Met” refers to the Ministry of Economic Transformation of the African Union.
    • “Bank” means the African Central Reserve Bank (ACRB) or its designated monetary authority.
    • “Member States” means countries that are members of the African Union.
    • “Union” refers to the African Union (AU).
    • “Foreign Entity” refers to any individual, government, or corporate institution outside the territorial and legal jurisdiction of the African Union.

    PART II – ESTABLISHMENT OF THE CEDIS (AFC)

    3. Continental Currency Authorization

    1. The African Union hereby establishes and authorizes the cedis as the sole, sovereign currency of the continent, governed by African institutions and protected from external influence or interference.
    2. The cedis (AFC) shall function as the exclusive legal tender for all participating Member States.
    3. This currency shall operate under a non-pegged, independent standard, with no parity or dependency on foreign currencies such as the US dollar, Euro, Yen, or Yuan.

     

    4. Exclusive Use Clause

    1. The cedis (AFC) shall be reserved strictly for use within the African continent. No foreign entity shall transact, hold, trade, or speculate on the cedis unless expressly authorized under strict bilateral agreements approved by The Met.
    2. The AFC shall not be listed, traded, or indexed on foreign financial markets unless under a sovereign-controlled mechanism determined by the African Central Reserve Bank.

     

     

     

    PART III – SOVEREIGNTY, LEGAL TENDER AND REGULATION

    5. Legal Tender and Monetary Sovereignty

    1. The cedis (AFC) shall have legal tender status across all ratifying Member States and shall be used for all government, commercial, and civil transactions.

    2. This Act reaffirms Africa’s monetary sovereignty, whereby the creation, issuance, circulation, and destruction of currency shall be exclusively managed within Africa by African institutions.

    6. Role of the African Central Reserve Bank (ACRB)

    1. The ACRB shall be the sole issuer and regulator of the cedis.

    2. It shall:
      • Maintain price and monetary stability,
      • Regulate the supply and demand of AFC,
      • Protect the AFC from external manipulation and economic warfare,
      • Enforce anti-speculation mechanisms.

    3. The ACRB shall remain entirely free from influence by foreign banks, creditors, and credit rating agencies.

    PART IV – DIGITAL INNOVATION AND BLOCKCHAIN SOVEREIGNTY

    7. Digital Cedis and Blockchain Infrastructure

    1. The cedis shall be issued in both physical and digital formats.

    2. The digital AFC shall be secured through a sovereign African blockchain infrastructure, hosted exclusively on servers physically located within African territories.

    3. The digital AFC shall be:
      • Interoperable with national fintech platforms,
      • Immune from external surveillance or interception,
      • Designed to advance financial inclusion across rural and urban populations.


    8. Technological Independence

    1. No third-party technology provider based outside the African continent shall control, host, or manage any core AFC systems, ledgers, or databases.
    2. The African Union shall invest in the development of continental data sovereignty frameworks to protect the AFC and related digital ecosystems.


    PART V – TRANSITIONAL IMPLEMENTATION

     

    9. Phased Adoption Framework

    1. The Met, in partnership with the ACRB, shall develop a five-year phased implementation plan for adoption of the AFC.
    2. The plan shall include:
      • Establishing exchange rates for legacy national currencies,
      • Replacing all intra-African transactions in foreign currencies with the AFC,
      • Public education campaigns.

    3. Member States may phase out their national currencies at their discretion but must complete conversion within the maximum window of five years.

    PART VI – INTERNATIONAL NON-INTERFERENCE CLAUSE

    10. International Positioning

    1. The cedis (AFC) shall not be subject to:
      • Foreign central bank policies,
      • International financial sanctions,
      • External inflationary pressures caused by non-African institutions.
    2. All attempts by foreign actors to manipulate, devalue, or speculate on the AFC shall be treated as acts against the economic sovereignty of the African Union.

    11. Trade and Exchange with Non-Members

    1. The use of AFC in trade with non-African countries shall occur only under Union-sanctioned bilateral trade frameworks.

    2. Such arrangements shall be executed in AFC or through sovereign clearing mechanisms established by the ACRB.

    PART VII – COMPLIANCE AND ENFORCEMENT

    12. Penalties and Prohibited Acts

    1. Any person or entity that counterfeits, speculates, or unlawfully trades the AFC shall be liable to:
      • A fine not exceeding 1 Count at the value of 100,000,000 AFC,
      • Imprisonment not exceeding 25 years,
      • Confiscation of all associated financial and digital assets.
    2. Any Member State found to be collaborating with foreign powers to undermine the AFC shall be subject to sanctions under AU constitutional protocols.

     

    13. Continental Compliance Office

    1. The African Union shall establish an AFC Compliance and Oversight Office to monitor adoption, prevent abuse, and report annually to the Pan-African Parliament.

     

     

    PART VIII – MISCELLANEOUS

    14. Regulation-Making Powers

    The Minister may enact regulations necessary for implementing this Act, including but not limited to:

    • Regional monetary zones,
    • Cross-border payment systems,
    • Trade reporting frameworks.

    15. Amendments and Review

    This Act may be amended by a two-thirds majority of the Pan-African Parliament, in consultation with The Met and approval by the Assembly of Heads of State and Government.


    SCHEDULE – Pending Date

    • Currency Name: Cedis
    • Currency Code: AFC
    • Symbol: [To be determined by AU Council] — primarily to be retained as proposed.
    • Initial Denominations: [To be proposed by the ACRB]
    • Digital Wallet Name: AFCPay (Provisional)


    PASSED by the Pan-African Parliament under the guidance of the Ministry of Economic Transformation (The Met) on this 13 day of April, 2025.

     

     

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