Kenyan President, Ruto, Speaks Against Dollar Payment For Trade Among African Countries
The President of Kenya, William Ruto, has spoken against the use of the United States Dollar (USD) during trade between African countries.
Ruto said traders from Kenya and Djibouti are facilitating trade with the dollar when they could take advantage of the pan-African payment and settlement system (PAPSS) created by Afreximbank.
He suggested African countries should trade with currencies on the continent rather than depending on US legal tender, as traders often have to search for dollars to complete transactions.
The president spoke about the dollarisation of the African market on Tuesday during his address at the Djibouti parliament on Tuesday.
According to Ruto, prioritising local currencies ahead of the dollar during trading between two African countries will ease trade.
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