The recent shift of African trade relations toward Asia, notably through engagement with BRICS nations, is increasingly seen as a strategic recalibration. While the Democratic Republic of Congo (DRC) recently signed a significant minerals exploitation deal with the United States, ostensibly driven by mutual security interests, it raises the question of long-term benefits. Will such deals foster equitable outcomes? Will Africa strengthen its domestic markets and determine which currencies will dominate future trade landscapes? These questions also draw attention to the looming challenges facing African exporters, particularly regarding cross-border payments in a world slowly inching toward de-dollarization, as championed by BRICS and others.
If the majority of African countries redirect trad, to Asia or engage more deeply with BRICS, much like the Tiger economies and other emerging markets, it is understandable. However, this redirection should not be viewed as a permanent or all-encompassing solution. The world is increasingly multipolar, and sustainable development depends on a balanced system where both Western and Eastern blocs engage in fair trade and cooperation. What truly needs reform are institutions born of the Bretton Woods system, namely the IMF, World Bank, and the WTO. These bodies often serve the interests of powerful pharmaceutical and financial lobbies at the expense of equitable development. Similarly, broader reforms are needed across global institutions such as the United Nations and its agencies, including the UNHCR, to ensure they operate more inclusively and effectively for all humanity.
Will such deals foster equitable outcomes? Will Africa strengthen its domestic markets and determine which currencies will dominate future trade landscapes?
African exporters, meanwhile, face substantial barriers. Visionary leadership is often lacking, and structural challenges persist. These include inadequate policy frameworks, poor infrastructure, limited social cohesion, and underdeveloped regional integration. Addressing these issues will require deliberate investment in public-private partnerships, manufacturing, entrepreneurship, and innovation—especially in science and technology. Youth empowerment must also be prioritized if the continent is to realize its full potential. Africa cannot expect to compete globally if it struggles to conduct business internally. While natural resources present vast opportunities, their true value lies in transformation, deally at local, regional, or continental levels. Exporting raw materials should only be considered when it offers undeniable value. In addition, wealth generated from resources must be distributed fairly to reduce inequality, and a circular economy focused on recycling, reusing, reducing, and re-engineering must be adopted to preserve long-term sustainability.
It is premature to call for a complete de-dollarization of the global economy, whether for Africa, BRICS, or other regions. However, the process should begin. The dominance of the U.S. dollar in global finance has long advantaged the U.S. at the expense of developing nations. In 2015, South Africa explored the idea of building Yuan reserves to address liquidity shortfalls, though the initiative did not gain traction. At the time, the Yuan had already become the sixth most-used currency in global trade finance and fifth in payment popularity. Nevertheless, it remains far behind the U.S. dollar. Dethroning the dollar could escalate geopolitical tensions, potentially even sparking conflict. As such, any shift toward a new global currency framework must be gradual and deliberate.
The BRICS bloc’s ambition to counterbalance Western dominance requires a carefully structured transition, potentially including the creation of a shared currency akin to the euro. An “Afro” currency for Africa, for instance, could foster economic sovereignty and regional integration. However, such initiatives will need international diplomacy, cooperation, and potentially even concessions from the U.S. in the interest of global peace. Since the 2008 financial crisis—originating in the U.S.—the credibility and competitiveness of the dollar have been questioned. Yet, any abrupt attempt to dismantle its dominance could provoke economic instability or conflict, benefiting only arms dealers and elite profiteers.
A responsible way forward would be to initiate an international conference dedicated to rethinking global currency systems, either on a continent-to-continent basis or through a broader global summit. Engaging the U.S. in such discussions would be vital to achieving a peaceful and structured transition.
Sovereign nations naturally want autonomy in shaping their economic futures, but diplomacy and a phased approach are essential. Africa must first achieve regional integration and explore the creation of regional currencies. These foundational steps are necessary before taking more radical action. Whether BRICS should de-dollarize immediately remains open to debate, but what is certain is that groundwork must be laid. Both leadership and the general population must be informed, prepared, and unified in their purpose. A successful transition will require a combination of top-down policy direction and grassroots mobilization.
Prof Byelongo Elisée Isheloke is an independent research consultant, business analyst and turn-around strategist. He serves as a rector of UEC, Université Espoir du Congo, Associate Professor at Institut Supérieur Pédagogique and was invited as a visiting professor at Dr John Garang Memorial University of Science and Technology in South Sudan. Prof Byelongo holds a PhD in Management Sciences, specializing on Business Administration from the Durban University of Technology (DUT) where he also lectured; he completed a Master’s and Honours’ and first degrees in South Africa before joining the University of Cape Town where he works as a Postdoc. Currently, Byelongo is in search of green pasture and believes he has a lot to offer to academia, private and public enterprises; and at the same time he is eager to learn, work on projects, NGOs, etc. You can engage the author through ebyelongo@gmail.com Or +27 72 597 8754.
