Kenyan President William Ruto has repeated his call for African countries to stop relying on the US dollar for intercontinental trade, saying it is something the continent needs to “urgently address.”
In a speech to the Djibouti parliament, Ruto said “our people cannot trade without worrying about which currency to use,” emphasizing the need to stop relying on US dollars for trade transactions between Djibouti and Kenya.
Calls for a single African currency have been growing, with East African Community (EAC) Secretary General Peter Mathuki predicting in January that the seven partner states of the group will be trading in a single currency by 2027.
Speaking to RT on Friday, Kenyan business manager and entrepreneur Alice Oludhe said a single African currency was an “ambitious” goal which would require “careful consideration” of economic, political and institutional factors.
De-dollarization could also weaken the West’s global position in international trade, she added.
“When Africa starts to use their own currency, there will be more demand for the African currency, more than the dollar,” she said.
In the meantime, it’s important to “assess the readiness of the participating countries, promote economic convergence, strengthen institutions and foster regional cooperation to mitigate potential challenges,” she said.