Zuma pushes for single African currency, calls for end to dollar dependence
By Solomon Nartey Tetteh
Former South African President Jacob Zuma has urged African nations to work towards adopting a single continental currency as a means of strengthening intra-African trade and asserting economic independence.
Delivering the 2025 Annual Leadership Lecture at the University of Professional Studies, Accra (UPSA), Mr Zuma said: “One Africa, one currency, one destiny.”
He cautioned that Africa’s continued reliance on the US dollar undermines its autonomy and entrenches colonial-era economic structures.
Speaking on the theme “The Geopolitics and Geo-economics of De-dollarisation: BRICS+ Currency Strategy, Lessons for Africa’s Common Currency and Beyond”, Mr Zuma urged African leaders to harness the continent’s vast resources and reduce dependence on foreign aid.
“Africa needs strategic allies, not aid. Africa’s dependency on the West is a form of slow death,” he said.
The former president called for the establishment of African-owned trading platforms and industries that add value to raw materials rather than exporting them in their unprocessed state.
He warned that inter-African trade would remain “meaningless” if the continent continued to serve primarily as a supplier of raw materials to external markets.
Mr Zuma also expressed concern that nearly 80 per cent of Africa’s trade is currently settled in foreign currencies, a practice he argued restricts the growth of regional commerce.
He challenged the younger generation to embrace self-reliance and pursue policies that enhance global competitiveness.
“We must not be spectators. Africa must design its own platforms. Our own systems must be the arteries of Africa’s future. If they can sanction our banks, we must build our own banks. If they can switch off, we must switch on Africa,” Mr Zumah remarked.
He described the BRICS bloc as a revolutionary force against what he termed the “dollar empire.”
Mr Zumah noted that BRICS had demonstrated the potential for Africa to overcome global economic inequalities through unity and strategic partnerships.
“By bringing Africa into BRICS, South Africa made sure that the continent would not be a passive supplier of raw materials,” he added.
The UPSA Annual Leadership Lecture is a flagship platform that brings together leaders from academia, diplomacy, finance and policy to engage with global issues and their implications for Africa’s development.
