Kenyan President William Ruto Urges African Countries to Commence Process to Ditch the Dollar
Kenyan President William Ruto recently urged his counterparts on the African continent to kickstart the process of ditching the U.S. dollar and replacing it with a pan-African settlement system. Ruto said the Pan-African Payments and Settlement System (PAPSS) allows business people to focus on moving goods and services.
The Kenyan leader, who spoke at a forum of government and private sector officials, suggested that African countries can commence the process of ditching the dollar by encouraging central banks and commercial banks to join PAPSS.
As explained in an East African report, the alternative payment system, which is backed by central banks on the African continent, was developed by African Export-Import Bank (Afreximbank) and the African Continental Free Trade Area (AFCFTA) Secretariat.
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