Kenya President Urges African Countries To Get Rid Of The US Dollars.

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Since last year, Kenyan importers such as oil marketers and manufacturers have complained about a massive imbalance in demand and supply of US dollars, forcing them to acquire in large quantities and at prices far above the official rate. In fact, the Kenya Association of Manufacturers said last year that the currency crisis had strained relations with suppliers at a time when competition for raw materials had increased due to rising demand and ongoing supply chain limitations. This disparity has caused the Kenyan currency to lose roughly 12.1 percent of its value since the beginning of the year, trading at around 138.33 units per dollar, causing the price of critical inputs such as fuel and raw materials to soar. So it was no surprise when Kenya's President, William Ruto, advocated in a recent speech to the Djibouti Parliament that African nations forgo the use of dollars for intercontinental trade.
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