AfricaBusinessEconomy

William Ruto calls for single African currency

Kenyan President has been urging the nations of the continent to shift away from the US dollar

Exclusive News

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. 

READ MORE: Africa needs alternatives to dollar – business leader

“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.

Read more

Related posts
Africa

300 African migrants missing off Canary Islands

Three vessels carrying a total of at least 300 people from Senegal have all disappeared, according…
Read more
AfricaBusinessEconomyWorld

Direct flights from Libya to Italy set to resume

The country’s embassy in the North African nation tweeted that Rome had lifted the ban which had…
Read more
AfricaWar

US blamed for leaving innocents stranded in Sudan

For many, a safe haven is now out of reach amid the continuing violence in the African country…
Read more

Sign up for Africa Insider’s Daily Digest and get the best of  news, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *