Can Africa trade without the dollar?:
If Africa can trade with itself, on its own terms, in its own currencies, it could rewrite the rules of global commerce
mg.co.za/thought-leader/2025-07-23-can-africa-trade-without-the-dollar/
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Africa's Shift Toward Currency-Independent TradeSince mid-2025, PAPSS enables real-time local currency trade across 13 central banks, facing challenges like currency volatility and financing risks.
- The Pan-African Payment and Settlement System (PAPSS) aims to facilitate intra-African trade using local currencies, reducing reliance on the US dollar.
- Afreximbank, the system’s main financier, faces scrutiny from credit downgrades and high-risk loans, affecting PAPSS’s financial foundation.
- PAPSS relies on digital interoperability instead of a single currency, demanding legal alignment and institutional cooperation across countries.
- Currency instability and cautious engagement from key players like South Africa limit the system’s expansion despite its benefits for SMEs.
The PAPSS offers a tantalising glimpse of what an integrated African economy could look like: fast, frictionless and financially sovereign.— Rafia Akram, regarding the potential of the Pan-African Payment and Settlement System (PAPSS) to create an integrated African economy.
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