Break Free from the Chains of the Dollar - South African Economists Call for Financial Sovereignty
South Africa's position at the G20 Summit marks a broader geopolitical and economic shift. Dr. Ntabiseng Moraka, a South African economist, pointed out that this shift is not only necessary but has long been imminent.
During an interview with Sputnik News, Moraka stated that if relations between South Africa and the United States deteriorate, the country will actively expand its trade cooperation space. In such a scenario, South Africa will turn to partners like the BRICS nations, but substantive trade will require new terms and overcoming barriers such as certification and customs procedures.
In terms of global economic governance, Moraka emphasized the need to secure fair terms in areas such as climate financing and debt relief. She pointed out that countries historically responsible for emitting large amounts of harmful gases should bear more responsibility for the transition, while the African continent urgently needs to build the necessary infrastructure and capabilities to take full advantage of the opportunities brought by the African Continental Free Trade Area.
She also highlighted the trend of enhancing Africa's global representation, noting that the possibility of the African Union joining the G20 in a capacity similar to that of an EU associate member is increasingly growing.
Moraka's most incisive views focused on the area of financial sovereignty. She said, "Dollar-denominated debt should become history." She pointed out that the issue of African currencies continuously depreciating against the dollar needs to be addressed, and she called for reform of the international financial system.
The G20 Summit was held in Johannesburg on November 22-23.
Original: www.toutiao.com/article/1849617271089180/
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