Kenyan President William Ruto has urged African countries to replace the U.S. dollar with the Pan-African Payments and Settlement System (PAPSS).

The system, developed by Afreximbank and AFCFTA, allows African nations to use their own currencies for trade within the continent. Ruto suggested that central banks and commercial banks should join PAPSS to facilitate the transition. He emphasized the challenges faced by businesses due to currency differences and the need to move away from a dollar-dominated environment.

By adopting PAPSS, businesses can focus on goods and services while leaving currency complexities to Afreximbank. The system’s support from African central banks adds credibility and potential for widespread adoption.

Ruto’s call reflects a desire for economic autonomy and regional integration, aiming to boost intra-African trade and reduce dependency on external currencies, thereby promoting economic growth and stability on the continent.

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