"As Long as Europe and America Control Our Money, They Will Control Our Economy" – Kagame Calls for African Common Currency Backed by Resources

In a bold and unapologetic declaration, President Paul Kagame of Rwanda has once again ignited the debate on Africa’s financial sovereignty by calling for a **common African currency backed by the continent’s vast natural resources—**not by foreign denominations like the US dollar or the Euro.

Speaking during a recent regional economic forum, Kagame warned that as long as Western powers continue to dominate African monetary systems, they will inevitably control the continent’s economic future.

“As long as Europe and America control our money, they will control our economy. We need an African common currency backed by our gold, oil, land, and other resources—not by dollar or euro,” Kagame said firmly, drawing loud applause from the audience.

Kagame’s comment comes at a time when many African countries are facing severe debt crises, volatile currency depreciation, and the lingering impact of dollarized trade systems that leave their economies vulnerable to decisions made far beyond their borders.

For decades, the CFA franc—used by 14 African countries and pegged to the Euro—has been criticized as a neocolonial tool giving France undue influence over West and Central African economies. While some reforms have been made, Kagame’s remarks suggest a more radical shift: a continental currency that truly reflects Africa’s independence and economic strength.

Kagame's vision echoes the dreams of Pan-Africanists like Kwame Nkrumah and Thomas Sankara, who once advocated for financial freedom and unity as the bedrock for political independence. The Rwandan leader stressed that Africa has the resources—from gold and lithium to oil and fertile land—to back its own currency without relying on Western powers.

His statement also indirectly criticizes global financial institutions such as the IMF and World Bank, which many African leaders believe serve more of Western interests than those of developing countries.

While the idea of a common African currency has been floated before—most notably under the African Union’s Agenda 2063—progress has been slow, hampered by national interests, political instability, and the lack of a unified central bank system.

However, with leaders like Kagame, Ghana’s Nana Akufo-Addo, and Mali’s Assimi Goïta increasingly calling for financial reforms and resistance to neocolonial structures, a new wave of African economic nationalism seems to be rising.

Many African youths and economists online have praised Kagame’s stance, calling it “the truth the West doesn’t want Africa to realize.” Others are urging leaders across the continent to move beyond rhetoric and into actionable frameworks—starting with the African Continental Free Trade Area (AfCFTA) and strengthening intra-African trade.

In Kagame’s words, the message is clear:

Africa cannot be truly free until it controls its money—and by extension, its future.