WATCH | Eritrea’s President Calls for New Global Financial System Not Controlled by Dollar or Euro

"We are a very small threat, we are not even a threat to them. But they have to contain us, sanctions, sanctions, sanctions, conflict here, conflict there," - President of Eritrea

Eritrea’s President, Isaias Afwerki, has called for a new global financial architecture, that is not controlled by the Dollar, Euro or other currencies.


“We need a new financial architecture, globally, one that is not controlled by the Euro, the Dollar or other currencies,” said President Afwerki.

According to Afwerki, the Dollar and the Euro are some of the tools used by western countries to control and persecute other peoples.


“They are printing money. They are not manufacturing anything at all; it is all about printing money. And this is one of their weapons. The global monetary system controlled by the Dollar and the Euro is being used. They are introducing sanctions and freezing accounts ­– these are their tools. This is not going to continue indefinitely.”

– Eritrean President Isaias Afwerki


Afwerki spoke in Russia following a meeting with President Vladmir Putin where he asked Russia to take the lead in undoing the global western hegemony, and then other countries such as Eritrea can contribute.

He added that his country has faced a lot of sanctions from the west as punishment for refusing to bow to conditions.


“We are a very small threat; we are not even a threat to them. But they have to contain us: sanctions, sanctions, sanctions, conflict here, conflict there,” he said posing the question:

It is not because Russia will have to do everything; we can make our contribution. It is a matter of ideas: how do we face this hegemonistic strategy in a way that we are able implement bilateral programmes, technology, industrialisation, agriculture, energy, water management, services, tourism, life in general – how do we do that?


This is not the first time that an African leader is calling for the end of dollarization of the global economy in 2023.

Kenyan President, William Ruto, has made repeated calls for a new financial architecture, most recently, saying that the new financial architecture must be of equals that should neither be controlled by the World Bank nor the International Monetary Fund (IMF).

In May 2023, the Kenyan President urged African leaders to ditch the US dollar by signing up to the Pan-African Payments System (PAPSS) in order to faciliate trade within the continent.




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