Isaias Afwerki, the president of Eritrea, has called for a new global financial system that is independent of the Dollar, the Euro, and other fiat currencies.

President Afwerki declared, “We need a new financial architecture, one that is not governed by the Euro, the Dollar, or other currencies.

The Dollar and the Euro are two examples of the instruments used by western nations to oppress and subjugate other peoples, according to Afwerki.

Money is being printed. It’s just about printing money; they aren’t even producing anything. And one of their weapons is this. The use of the Dollar and the Euro-controlled global monetary system. These are their tools—introducing fines and freezing accounts. There will be an end to this eventually.

• Isaias Afwerki, president of Eritrea

Following a meeting with President Vladmir Putin, Afwerki requested that Russia take the initiative in destroying the western hegemony around the world before inviting other nations, such as Eritrea, to join in.

He continued by saying that the west had imposed numerous sanctions on his nation as retribution for its refusal to submit to demands.

“We are not even a threat to them; we are a very little threat. But they need to restrict us, he continued, adding: “Conflict here, conflict there, sanctions, sanctions, sanctions.”

It’s not because Russia will have to do everything; we can contribute in some small way. It is a philosophical issue: how do we counter this hegemonistic policy so that we may carry out bilateral programs and advance technology, industrialization, agriculture, energy, water management, services, tourism, and everyday life?

An African leader is not the first to demand that the dollarization of the world economy halt in 2023.

William Ruto, the president of Kenya, has often called for a new financial structure. Most recently, he stated that the new structure must be one of equals and should not be under the jurisdiction of either the World Bank or the International Monetary Fund (IMF).

In order to facilitate trade inside the continent, the Kenyan President asked African nations to abandon the US dollar in May 2023 by joining the Pan-African Payments System (PAPSS).