US tariff risks spur African shift from dollar, says Ecobank
Gulf Times
US tariff risks spur African shift from dollar, says Ecobank
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. Trade between the two was $83.4bn in 2025, about 16% more than the previous year, according to US Census Bureau data. That pales in comparison with $315bn of flows between the continent and China, according to estimates by Ecobank’s economists.
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