William Ruto has urged the countries of the continent to abandon the US dollar.
William Ruto, the president of Kenya, has reiterated his call for African nations to stop using the US dollar as the primary medium of exchange for international trade, saying that this is a problem that the continent needs to “urgently address.”
Ruto emphasized the need to stop relying on US dollars for trade transactions between Djibouti and Kenya in a speech to the Djibouti parliament, saying “our people cannot trade without worrying about which currency to use.”
The demand for a single African currency has increased, and in January, East African Community (EAC) Secretary General Peter Mathuki predicted that by 2027, all seven member states of the organization would be using the same currency.
A single African currency is a “ambitious” goal that will require “careful consideration” of economic, political, and institutional factors, Kenyan business manager and entrepreneur Alice Oludhe said in an interview with RT on Friday.
De-dollarization might also make the West less competitive globally in world trade, she continued.
There will be greater demand for the African currency than for the dollar once Africa begins to use its own currency, she predicted.
In the interim, it’s critical to “assess the readiness of the participating countries, promote economic convergence, strengthen institutions, and foster regional cooperation to mitigate potential challenges,” the official said.
