Senior Counsel Ahmednassir Abdullahi has recently expressed his views on Kenya’s move, led by President William Ruto, to challenge the use of the US dollar as the global reserve currency for international trade. The renowned city lawyer took to Twitter to criticize an article that praised Kenya’s attempt to revolt against the dollar.
Ahmednassir stated that Kenya, being a very poor third-world country, lacks the necessary influence to dethrone the US dollar. He argued that the global debate on de-dollarization should be left to major players such as Russia, China, Iran, India, and Brazil. In his opinion, Kenya should focus on recognizing its limitations and prioritize other important matters instead of engaging in arguments against the dollar on the global stage.
President William Samoei Ruto, during his address at the Djibouti parliament on June 13th, 2023, called upon African nations to shift away from using the US dollar for intracontinental trade. He particularly emphasized the need to reduce reliance on the US dollar for trade transactions between Djibouti and Kenya.
While President Ruto’s call for African nations to explore alternatives to the US dollar indicates a desire for greater economic independence, critics like Ahmednassir Abdullahi argue that Kenya’s limited economic stature may hinder its ability to effect significant changes in the global financial system. Ahmednassir believes that Kenya should focus on domestic issues and leave the task of challenging the dollar’s dominance to more influential countries.
The use of the US dollar as the global reserve currency has long been a topic of debate and scrutiny. Historically, the dollar has enjoyed a dominant position due to the economic and political power of the United States. However, proponents of de-dollarization argue that relying on a single currency for international transactions exposes countries to the risks associated with fluctuations in the value of the dollar and the influence of US monetary policy.
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