South African Correspondent
ACCRA, Ghana – Former South African President Jacob Zuma has issued a powerful call for African economic independence, urging nations across the continent to adopt a single currency and establish African-owned trading platforms to break free from reliance on the US dollar and colonial-era financial structures.
Zuma delivered his landmark address at the 2025 Annual Leadership Lecture at the University of Professional Studies, Accra (UPSA) in Ghana, a prestigious gathering that convenes leaders from academia, diplomacy, finance, and policy to tackle Africa’s most pressing development challenges.
In a speech that resonated deeply with attendees, Zuma argued that the continent’s continued use of foreign currencies for cross-border trade undermines its autonomy and perpetuates economic subjugation.
“The reliance on external currencies, particularly the dollar, for our intra-African trade is a chain that keeps us bound to colonial structures,” Zuma stated.
“It is time we break these chains and establish our own monetary system that serves African interests first and foremost.”
Zuma emphasized that a unified currency would significantly enhance cross-border trade, reduce transaction costs, and strengthen the continent’s bargaining power in global markets. He framed the proposal as essential to achieving true economic liberation and self-determination.
“We cannot claim full independence while our economies remain tethered to the currencies and systems of our former colonizers,” he declared.
“An African-owned trading platform and a single currency are not just economic necessities—they are acts of political sovereignty.”
The former president’s address was met with enthusiastic applause from an audience comprising students, academics, diplomats, and policy makers. His comments come amid growing continental discussions about financial reform, including the African Continental Free Trade Area (AfCFTA) which aims to create a single market for goods and services across Africa.
While the concept of a single African currency has been debated for decades, Zuma’s intervention adds significant political weight to the conversation. The proposal, however, faces substantial practical challenges, including vast economic disparities between African nations and complex monetary policy coordination requirements.
The UPSA leadership lecture series continues to serve as a critical platform for shaping Africa’s development agenda, with Zuma’s address likely to influence ongoing discussions about monetary policy and economic integration across the continent.
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