BRICS Member Advocates for Single African Currency to Challenge US Dollar Dominance

Julius Malema, leader of South Africa's Economic Freedom Fighters (EFF), has reignited debates on continental unity by proposing a single African currency, president, parliament, and army. His fiery Monday address framed borderless economic integration as essential for countering dollar hegemony—a theme aligning with BRICS' de-dollarization agenda.

The radical proposal faces steep structural hurdles. Establishing a pan-African monetary system WOULD require unprecedented financial coordination across 54 nations, many grappling with poverty and unstable economies. Malema's vision lacks immediate feasibility but underscores growing anti-dollar sentiment among emerging markets.

Political undertones color the initiative. Malema's 2018 White House clash with Donald TRUMP resurfaced in his rhetoric, framing currency unification as both economic strategy and geopolitical defiance. BRICS members remain cautious—while symbolically appealing, the alliance prioritizes incremental financial reforms over revolutionary monetary overhauls.