The President of Kenya: African countries should abandon the use of dollars

According to the International Economic Group of Fars News Agency, “William Samui Ruto”, the president of Kenya, in a statement from the parliament of Djibouti amid the applause of the audience, asked African countries to abandon the use of the US dollar in intercontinental trade.

During his speech, Ruto emphasized the need to abandon dependence on the US dollar in trade transactions between Djibouti and Kenya and questioned the need for US money to be involved in trade activities between the two countries.

He emphasized that the Export-Import Bank of Africa, Afreximbank has provided a mechanism for traders on the continent to do business using their local currencies.

He also emphasized Kenya’s support for the Pan-African Payment and Settlement System managed by Afreximbank.

Ruto asked why goods should be bought from Djibouti and paid for in US dollars, Ruto said: Is there no valid reason for this action?

The Kenyan president stated that the goal is not to oppose the US dollar, saying: We encourage more trade without restrictions.

He emphasized: purchases made from the United States can still be settled in US dollars, while transactions with Djibouti can be done using local currencies.

Established in 1993 under the supervision of the African Development Bank, Afreximbank is a pan-African multilateral financial institution whose main objective is to promote and finance business activities within and outside Africa.

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