Rwandan President Paul Kagame has once again urged African nations to adopt a unified currency, warning that the continent cannot achieve true economic independence while depending on the US dollar and the euro.
In a passionate Pan-African economic address, Kagame stressed that Africa’s future must not be built on financial systems controlled by foreign powers. He cautioned that reliance on Western currencies continues to steer Africa’s economic decisions, giving external economies undue influence over the continent’s growth and policy direction.
“As long as foreign currencies define Africa’s path, real independence remains out of reach,” Kagame said.
Home to some of the world’s richest natural resources, including gold, oil, diamonds, cobalt, and rare earth minerals, Africa has the means to back its own currency, Kagame argued. Such a currency could strengthen trade, investment, and economic growth within the continent.
Instead of exporting raw materials and importing finished goods priced in foreign money, Kagame believes Africa should anchor its financial system in the real value of African land, labor, and resources.
He said this approach would not only stabilize African economies but also shield them from global financial shocks driven by interest rates and policies set in Washington and Europe.
