The President of Rwanda, Paul Kagame, has called on African governments to create a strong African common currency backed by the continent’s own resources to repel western economic dominance. Kagame made these remarks on December 23, 2024, in response to the current global financial system, which he argues has maintained a stranglehold on Africa’s economy.
“As long as Europe and America control our money, they will control our economy. We need an African common currency backed by our resources, not by the dollar or the euro,” President Kagame said.
Kagame went on to describe the current system as “an act of modern slavery and colonization.”
He argued that it is unacceptable for Africa to be required to pay back debts with its own resources, rather than with another form of currency. These statements highlight the growing frustration among African leaders with the perceived economic dominance of the West.
Encouraging the establishment of a resource-backed African currency by African leaders is a crucial step towards achieving true economic sovereignty and breaking free from the legacy of colonial exploitation.
Analysts believe that the success of such an endeavor would depend on the unity and cooperation of African nations, as well as their ability to mobilize the necessary resources and infrastructure to support a viable alternative to the current global financial system.
“This is a bold and ambitious proposal that could have far-reaching implications for the continent, but it will require a concerted effort from African leaders to overcome the significant challenges that stand in their way,” Dr. Amina Salum, an economist at the University of Nairobi said.
As the world watches closely, the call for an African common currency backed by the continent’s own resources has become a rallying cry for those seeking to reshape the global economic order and empower Africa to chart its own destiny.
