Kenya's President Ruto advises African leaders to ditch the dollar and join a pan-African system

Kenya's President William Ruto has asked African leaders to take first steps towards ditching the US dollar by signing up to a pan-African payments system to facilitate trade within the continent.

Dr Ruto has urged his peers in Africa to mobilize central and commercial banks to join Pan-African Payments and Settlement System (PAPSS) which was launched in January 2022.

The system for intra-African trade was developed by African Export-Import Bank (Afreximbank) and African Continental Free Trade Area (AfCFTA) Secretariat. The initiative was backed by the African Union and African central banks.

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