The Kenyan president’s call to ‘use the local currency in Africa’
According to Kenyan press reports, Ruto made remarks at the African Continental Free Trade Area (AfCFTA) forum held in the capital, Nairobi.
Drawing attention to the rise of the dollar globally, Ruto stressed that African countries should be included in the Pan-African Payment and Settlement System (PAPSS), which was launched in 2022, saying “Let’s use the local currency in Africa.”
CALL FOR LOCAL MONEY
“Because we use different currencies, we have a hard time paying for goods and services from one African country to another,” Ruto said. That’s why we all have to use dollars,” he said.
Ruto stressed that the use of local currency will protect the economies of African countries in the global rise of the dollar, saying: “I propose to have a mechanism that uses our local currencies within and between countries.”
Since African businessmen and banks mainly use banks in the US and European countries for international money transfers, these transactions can take 3-5 days.
The Pan African Settlement and Payment System was launched on January 13, 2022 in Accra, the capital of Ghana. The new system allows payments in local currency between African countries. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
