Growing calls among African countries to dump US dollar

2023-06-22 15:24:02

There is growing call among some African countries to replace the US dollar as their primary reserve currency.

The BRICS bloc of countries – Brazil, Russia, India, China and South Africa – have already initiated policies to challenge the dominance of the US dollar.

Former South African President Thabo Mbeki stated in April that many countries are contemplating alternatives to the dollar to avoid the impact of US sanctions.

That would be a historic shift in perspective that is driven by a global desire not to be subjected to US power through its currency.

The influence of the BRICS coalition could be substantial, given the group has 42% of the world’s population. Economically, it delivers just 23% of total global output and only 18% of trade.

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