Former South African President, Jacob Gedleyihlekisa Zuma, has criticised Africa’s reliance on the dollar, saying it undermines the continent’s autonomy, perpetuating colonial structures.
He has therefore called on leadership of the continent to adopt a single currency to strengthen trade amongst member countries to ensure economic sovereignty.
The former President, addressing the 2025 Annual Leadership Lecture at the University of Professional Studies, Accra (UPSA), said: “One Africa, one currency, one destiny,” warning that continued reliance on the dollar undermined Africa’s autonomy and perpetuates colonial structures.
Mr. Zuma, speaking on the theme, “The Geopolitics and Geo-economics of De-dollarisation: BRICS+ Currency Strategy, Lessons for Africa’s Common Currency and Beyond,” urged the region’s leadership to make use of its resources to avoid the over-reliance on foreign aid.
“Africa needs strategic allies not aid,” he said, adding that “Africa’s dependency on the West is a form of slow death.”
He noted that it was time Africa ended the practice of being a raw material supplier to the West and create its own trading platforms.
Speaking further, he stressed on the need to focus on value addition to its raw materials, rather than supplying them to the West in their raw state, making Inter-African trade “meaningless.”
“We must not be any spectators. Africa must design its own platforms. Our own systems must be the arteries of Africa’s future.
Mr Zuma expressed concern that 80 per cent of African trade is settled in foreign currencies, limiting the effectiveness of regional commerce.
“If they can sanction our banks, we must build our own banks. If they can switch off, we must switch on Africa,” he said.
South Africa as BRICS member
Touching on South Africa’s membership in BRICS, Mr Zuma described the bloc as a revolutionary force against the “dollar empire.”
He said its success proved that Africa could overcome global economic inequalities through unity and strategic partnerships.
“By bringing Africa into BRICS, South Africa made sure that Africa would not be a passive supplier of raw material,” he stated.
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.
Africa has to do more to get what belongs to us – Jacob Zuma
