US Tariff Risks Spur African Shift From Dollar, Ecobank Says
An American flag and other merchandise on a market in Nairobi, Kenya.
Photographer: Waldo Swiegers/Bloomberg
Volatile US tariff policy is accelerating efforts in Africa to reduce reliance on the dollar in trade settlements, with companies exploring greater use of China’s renminbi and local currencies, the head of pan-African lender Ecobank Transnational Inc. said.
Despite comparatively low levels of trade with the US, Africa hasn’t been shielded from the fallout of White House tariff decisions, Chief Executive Officer Jeremy Awori said in an interview last week.