Kigali, Rwanda – Rwandan President Paul Kagame has issued a powerful challenge to African leaders, calling for the creation of a single, unified African currency that would be “grounded in our own natural wealth, not in the Dollar or the Euro.”
Speaking at the African Economic Summit in Kigali on Tuesday, December 9, 2025, Kagame argued that economic sovereignty is unattainable until the continent frees itself from its heavy reliance on foreign currencies for intra-continental trade and investment.
The Vision: A Currency Grounded in African Assets
Kagame’s proposal echoes a long-standing Pan-Africanist ambition, most famously championed by the late Libyan leader Muammar Gaddafi, who pushed for a gold-backed African dinar. The Rwandan President stressed that Africa possesses abundant natural resources—from minerals and precious metals to vast agricultural capacity—that could serve as the foundation for a stable, common currency.
“Africa must build a unified currency, one grounded in our own natural wealth, not in the Dollar or the Euro. A unified currency is key to strengthening our economic sovereignty and ensuring that the prosperity we create stays here, serving our people first.”
The Challenge of Economic Fragmentation
Kagame pointed to the current economic fragmentation as a major barrier to realizing the continent’s full trade potential, particularly under the African Continental Free Trade Area (AfCFTA) agreement.
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Inter-Country Trade Barrier: The current system means a Sierra Leonean cannot use the Leone in Nigeria, nor can a Nigerian use the Naira in Sierra Leone. This currency incompatibility extends across the continent, forcing businesses to constantly convert currencies into dollars or euros, adding significant costs, complexity, and currency risk to every transaction.
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Capital Flight: The reliance on major global currencies often facilitates capital flight and makes African economies vulnerable to monetary policy decisions made in Washington or Brussels, rather than local African needs.
The Call to Action: One Currency, One Africa
President Kagame insisted that the time for debate is over, framing the creation of a single currency as a matter of political will and urgent necessity.
He concluded with a sweeping call for continental integration: “The time is now for one currency, one passport and one Africa.”
The vision, if realized, would simplify cross-border trade, boost tourism, create a massive unified market for investment, and provide the continent with greater leverage in global finance. However, such a project faces immense political hurdles, including agreeing on a common central bank, coordinating diverse fiscal policies, and ensuring economic stability across 54 unique nations.
