BRICS member South Africa is seeing various leaders advocating for a single African currency to blunt the US dollar’s dominance. Julius Malema, the leader of the Economic Freedom Fighters (EFF), not only advocated for a single African currency, but he also called for the Continent to have a single President, parliament, and Army. In a fiery speech delivered on Monday, Malema stressed that African nations must not have borders in order to make the Continent economically stronger.
“A divided Continent stands to lose big,” Malema said. “We demand one Africa. Demand a borderless Africa. We demand Africa with one president, with one currency, with one military command, with one Parliament. Because we know the currency of Africa will be much stronger against the American currency,” he said. Malema’s blazing statements for a single African currency come when BRICS is looking for alternatives to the US dollar.
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Will BRICS Listen To Malema & Consider a Single African Currency?
Malema’s radical political views were criticized by US President Donald Trump when South African President Cyril Ramaphosa visited the White House during his first tenure. Following this, Malema released a statement saying, “We don’t care what Trump thinks of us. He will never choose a policy position for Africans. We must refuse to be subjects of Trump,” he said. A single African currency, if promoted by BRICS, would rattle Trump and boost Malema’s stance in South Africa.
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However, the chances of South Africa and the BRICS alliance backing a single African currency remain slim. The move would require an extensive and exhaustive financial framework, which the Continent is not ready to make at the moment. The main focus must be to strengthen their economies and lift their people out of poverty. The flaming statements from Melama don’t help to lessen people’s worries and struggles but only aggravate them through divisive politics.