Major emerging economies have already started ditching the US currency, Busi Mabuza has told RT
US economic policy has prompted many African nations to seek alternatives to the dollar, the chairperson of the BRICS Business Council, Busi Mabuza, told RT on Wednesday. She added that Africa as a whole would benefit from more trade in national currencies.
“People are seeing the flip side [of sanctions], which is what impact it would have on [using] the dollar. Our nations already have started, especially the big economies, [to trade] in our own currencies. This is an important example for us as the African continent, because we have as many currencies as we have countries,” the economist stated on the sidelines of the BRICS summit in Johannesburg.
According to Mabuza, Africa will benefit from shifting away from the dollar towards alternative payment mechanisms in mutual trade.
“It would allow us to move away from the…
