Ramaphosa Pushes the World to Reduce Dependence on the US Dollar and Encourages Countries to Use Their Own Currencies for Trade
South African President Cyril Ramaphosa has voiced support for countries trading with one another using their own national currencies instead of relying heavily on the US dollar.
Speaking on the sidelines of international discussions, Ramaphosa argued that greater use of local currencies could strengthen economic independence, reduce exposure to exchange-rate risks, and promote a more balanced global financial system.
The remarks come amid growing discussions among emerging economies about expanding trade settlements in local currencies.
Supporters of the idea believe it could lower transaction costs and reduce dependence on a single global reserve currency, while critics argue that strong institutions, stable economies, and trusted financial systems are necessary for such arrangements to succeed.
Ramaphosa’s comments have sparked debate across Africa and beyond, with some praising the move as a step toward economic sovereignty and others questioning whether developing economies are currently prepared to move away from the dominance of the US dollar in international trade.