Published: · Region: Africa · Category: markets

African Push to Ditch the Dollar Starts to Bite, Testing U.S. Financial Reach

A growing list of African states are settling mining royalties, cross-border loans and trade in yuan and local currencies, according to new reporting, marking a visible erosion of the U.S. dollar’s grip on the continent. For Washington, Beijing and African finance ministries, the shift is no longer theoretical — it is changing how money moves and who holds leverage.

In Africa’s finance ministries and central bank dealing rooms, the world’s dominant currency is facing a quiet but consequential test. A cluster of African countries are taking concrete steps to reduce their reliance on the U.S. dollar, turning to China’s yuan and their own currencies for key transactions in ways that go beyond rhetoric about “de-dollarization.” Recent reporting points to Zambia, Egypt, Nigeria, South Africa and Kenya as among the most active in experimenting with alternatives. Zambia now accepts mining royalties in yuan and has mandated that domestic transactions use the local currency, with violators facing fines or even prison. The mining decision is particularly significant: royalties are one of…

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