Accra: Former South African President Jacob Zuma has called on African nations to pursue a unified currency to strengthen intra-continental trade and economic sovereignty. Addressing the 2025 Annual Leadership Lecture at the University of Professional Studies, Accra (UPSA), Mr. Zuma declared, "One Africa, one currency, one destiny," warning that continued reliance on the dollar undermined Africa's autonomy and perpetuates colonial structures.
According to Ghana News Agency, Mr. Zuma spoke on the theme "The Geopolitics and Geo-economics of De-dollarisation: BRICS+ Currency Strategy, Lessons for Africa's Common Currency and Beyond," urging the continent to harness its resources and reduce dependence on foreign aid. He emphasized that Africa needs strategic allies rather than aid, describing the continent's dependency on the West as a form of slow death.
Mr. Zuma advocated for the creation of African-owned trading platforms and a shift away from the continent's role as a raw material supplier. He noted that inter-African trade would be "meaningless" if the continent continued to supply raw materials to countries outside the continent without value addition.
He expressed concern that 80 percent of African trade is settled in foreign currencies, limiting the effectiveness of regional commerce. He called on the younger generation to embrace self-reliance and adopt policies that dismantle barriers to global competitiveness.
In his speech, Mr. Zuma emphasized the importance of Africa designing its own platforms and systems to secure its future. He highlighted the need for Africa to build its own banks and systems to prevent external control.
Touching on South Africa's membership in BRICS, Mr. Zuma described the bloc as a revolutionary force against the "dollar empire." He stated that its success proved Africa could overcome global economic inequalities through unity and strategic partnerships. By bringing Africa into BRICS, South Africa ensured that Africa would not remain a passive supplier of raw material.
The UPSA Annual Leadership Lecture is a flagship event that convenes thought leaders from academia, diplomacy, finance, and policy to explore pressing global issues and their implications for Africa's development.
