Africa pays a high price for dollar dependence

Governments across Africa are rightfully questioning the wisdom of anchoring their countries’ futures to the US dollar. The instinct grows from patterns that have shaped the continent’s financial stability, trade resilience, and growth prospects for decades. A currency that once promised predictability now functions as a vehicle for volatility that African policymakers never signed up for. Each Federal Reserve rate hike, for instance, tightens African credit conditions as if Washington were running monetary policy for Nairobi, Accra, and Lusaka.

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