AfricaBusinessEconomy

Africa needs an option to dollar – business leader

The supremacy of the greenback has held many countries back, the president of the African United Business Confederation told RT

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Finding the alternatives to the US dollar will take time but the global dominance of the greenback has “stifled” many countries and Africa needs to have its own currency, George Sebulela, president of the African United Business Confederation (AUBC), told RT on Wednesday.

Sebulela said that African countries having their own currency would make trade easier with each other and even with other countries.

“What the US has done with dollarization has really stifled many countries in one way or another,” he said. “If you don’t toe the line, you are under pressure because you have to utilize this currency,” Sebulela said of the US dollar.

He said the question for the African Union will be “how do we begin as a continent that is vast, that has so many big opportunities, to then have our own currency that can make our trade much more easy, even with other countries?”

This is a discussion that is also taking place within the BRICS group, Sebulela said.

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