Analyst assures that de-dollarization will assist in Africa’s growth
Date
11/13/2024 7:41:54 AM
(MENAFN) Mashood Jacob Ajene, an expert from the Africa-Russia Research Centre in Ghana, believes that reducing Africa's reliance on the US dollar could greatly enhance the continent's economic development. Speaking at the Russia-Africa Partnership Forum, Ajene suggested that adopting a single currency across Africa could strengthen its economic position and resilience. He also emphasized the benefits of a multipolar world led by countries like Russia and China, which could offer new opportunities for Africa.
Ajene noted that the US dollar's dominance, though powerful, is just paper currency, and its widespread use limits Africa's growth potential. He also pointed out that US foreign policy, including President-elect Donald Trump’s promise to end the Ukraine conflict quickly, demonstrates how Western powers shape global dynamics, often escalating tensions.
In a related discussion, Thandi Moraka, South Africa’s Deputy Minister of International Relations and Cooperation, urged African and Global South nations to assert their independence from Western influence. She called for unity within the Global South to address Africa's challenges with homegrown solutions and to transition from a unipolar world order to a multipolar system where every country’s sovereignty is respected.
The ministerial conference, held in Sochi in early November, saw participation from over 40 African ministers, highlighting the growing calls for self-reliance and multipolar global cooperation.
MENAFN13112024000045015687ID1108881346
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.