Community currency pioneer talks to business owners

ntuntu.dweba@feveronline.co.za

A PIONEER in establishing community currencies, Will Ruddick from Kenya, visited the Kokstad Business Network.

Ruddick received a warm welcome from network members and spoke to small business owners about the proposed Kokstad currency at the Kokstad community hall on Monday, saying that local currencies have been a great success in Kenya.

During his presentation a graph was shown indicating the structure of the local business market.

“The graph shows local businesses make money mostly in November­ and December, during the year there is very little money made so with this new currency we want a stable market where businesses will have money throughout the year,” Ruddick said.

Kokstad has been selected as one of two towns for a National Treasury-funded pilot project being conducted in conjunction with University of Cape Town to test this idea, which is already working successfully in many other parts of the world.

This currency will be equal to the South African rand in value. It will not take the place of the rand, instead it will work parallel with the rand.

Fostering Local Well-being ambassadors is helping with the implementation of the project.

Ruddick said that while the Kokstad money will work in services and businesses like hair salons, transport (taxis), crèches and sewing - locally produced products like bread, vetkoek, chicken and fruit are the fuel of the project as they will directly boost the local economy.

“Once the Kokstad Exchange Network is well established and strong, bigger businesses will be involved.”

The currency will be kept within the community as it will be used among local businesses in Kokstad.

The K-rand cannot be exchanged for South African rands because normal rands can be used in other places other than Kokstad, thus defeating the purpose of it benefiting the Kokstad local economy­.

The community will be invited to help decide on the name of the local­ money, some suggestions are K-rand, K-mali, K-money.

The launch of the project will on 18 July, 2018

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Voting Booth
The ANC's leadership race is heating up. Who do you think will be elected party president at Nasrec in December?
Please select an option Oops! Something went wrong, please try again later.
Results
Nkosazana Dlamini-Zuma has got it in the bag
7% - 598 votes
I foresee a second term for Cyril Ramaphosa
83% - 7256 votes
Don’t discount a Zweli Mkhize win
10% - 908 votes
Vote
Rand - Dollar
17.69
+0.8%
Rand - Pound
20.16
+0.2%
Rand - Euro
17.59
-0.3%
Rand - Aus dollar
11.47
+1.3%
Rand - Yen
0.12
+0.8%
Gold
1,713.38
+0.8%
Silver
20.97
+1.3%
Palladium
2,338.50
+5.1%
Platinum
926.00
+2.4%
Brent Crude
88.86
+4.2%
Top 40
59,679
+3.2%
All Share
66,115
+2.9%
Resource 10
64,190
+4.1%
Industrial 25
79,776
+2.9%
Financial 15
14,077
+1.9%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE