Reported about 6 hours ago
Africa is making strides in establishing local currency payment systems to reduce trade costs and reliance on the dollar. Despite facing opposition and threats of retaliation from former President Trump, who wants to maintain the dollar's dominance, initiatives like the Pan-African Payments and Settlements System (PAPSS) aim to facilitate cross-border transactions directly in local currencies. This could potentially save the continent billions annually in transaction costs and improve trade between African nations, which historically rely heavily on external partners.
Source: YAHOO