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ah, the we still have a few countries that to one to be the global edge a month, and that is what the i resisting. so african countries have always had a balance when it comes to colleges because we rely on the us dollar. we don't want one or 2 countries determine all future for now. you see with jeffrey sets 2 weeks ago, speaking on the public platform, said that ukraine is fighting a proxy law with wind, russia, and usa. each of d dollarization has begun. it's time for a global we state. africa has grown weary of wisdom, dominance,

and foreign currencies. the search for alternatives to the dollar, and frank is gaining momentum. accelerated by the con, continue cream, which brought home some hard truths. hello and welcome to the sweet africa now. so we're coming to you from the heart of south africa's financial district and the most expensive way now in africa. behind me is the johannesburg stock exchange, which is fitting for program, exploring africa, search alternatives to western currencies. the french frank and us dollar has long played an out sized role in global market. the cracks are starting to appear. african countries and central bank are not holding these currencies in. they were due to the extent that they wanted bricks, countries in particular, brazil, russia, india, china, and south africa are working on moving away from dollar based economy as they take great ownership of the interest and other nations are warming up to the idea. and

that's so cool. explain mr. investor. thank you so much for having this interview with us on africa. now, one of the topics we've been looking at is an alternative currency to the american dollar. would you describe the bricks, development bank as that being part of its vision? we'll look, firstly, thank you for having me. i think the issue of alternative currency has come to the full in recent times as a result of the russia ukraine situation. and the unit actual sanctions and all of us have been impacted by that, especially in the financial sector. because of the domination of us dollar in terms of global trade and global financial transactions. we have been talking about this for sometime within brakes that we should be able to trade and

interact with an own currencies. we should be able to borrow from our n, d, b within our own currencies. and this is happening. you would have seen that in the annual report of the president of the bank last year, outlining the vision of the bank 20222026. that at least 30 percent of lending will now be in local currency. and i think that's a major step forward in terms of our bank diversifying it's lending portfolio. so the building blocks of us relying more on our own currencies and willingness sounds away from just one or 2 currencies. i think that has always been the vision of bricks and i think the circumstances prevailing as a result of the electoral sanctions and the pain, all of us are feeling not just bricks countries,

but especially developing countries. it makes perfect sense, and that's why you see this is not a conversation just amongst bricks countries, but the conversation amongst the larger global soft, we still have a few countries that one to be at the global edge a month. and that is what we are resisting. we don't want one or 2 countries determining old future. we want to be able to sit collectively with all the powerful they're not so powerful. and also those that don't have the necessary and elements to sit at the high table. the un, when we make lofty speeches as global leaders, that we must be inclusive, we want to build an inclusive global community. but when it comes to the crunch in practice, we see something totally totally different. and it is the countries of the global south countries of africa. the early see is the small island states that the most as a result of these selfish actions by

a few on the many he mention to use your words, the pain of developing countries. these are the sanctions. can you elaborate a little bit on the well look, what the sanctions did to us. it created a crisis on the global markets. we had the rise in inflation. levels of inflation unseen for indicates were seen depreciation of currency. we have seen the fluctuation of currencies, and we have seen how this is also causing pain to the ordinary person in terms of food security. in terms of energy security, in terms of global supply chains been disrupted in terms of, of the investment into our countries. these are being impacted the result of unilateral sanctions. so the union lateral sanctions

is not hurting one country that is directed to what it will live in an inter connected global life. won't. the action of, of one is impacting on nearly all of us in a very negative way. i had this idea that the bricks development bank was going to come up with one currency, almost like a books currency. but when i listen to you, what i understand is, it's not necessarily going to be one currency, it's going to allow countries to trade in their conrad currency. so we will have a whole host of comments. we have a basket of currencies, but we want the basket to be best to include the currencies of the developing world, including the bricks, countries and not dominated by 2 or 3, as just as it is thus far. and going into the future, the world has changed. brooks is not in competition with any grouping or any part of the world. what bricks is asking for is let's whatever the playing field, the playing field of 1945,

when the united nation system was formed is vastly different. most of the countries of the developing world in 1945, we're still under colonial road. and we, we are saying we need to reform in culver multilateral system. and therefore we are saying this is the major thrust of bricks. and that's why we find hasn't been to the global stock because the global salt, conch new fields feeling marginalized and the decisions are taken for them rather than them being part of the decision making. and that's what we are saying. we want a multi polar world, multi civilization or world, a world we're all of us, respected and o inputs and views are valued and that we are part of decision making. all we witnessing the decline of the dollar. well, you should be able to answer that question. it's all over the,

the over media more and more countries, the fact that countries and these major emerging market developing countries like india, china, i've seen some of the middle east and countries are now also moving in that direction, trading in the own currencies. what does it say that more and more countries are saying that they want choices and they want to be able to trade in their currencies? so i think you're going to see more of this rather than less, which is say the, the roof you're talking about is a safer and more diverse option for countries to invest in rather than in the us dollar. and i'm talking specifically here, african countries. well, look, i think we want a diversified busked because you can't put all of your eggs in one basket because when you have a crisis and those excess cooking, you are there. but if you are diversified, you still have

a safety net. and i think this is the direction the world is moving and not just in restructuring the global financial architecture, including in the way we conduct business between ourselves as, as governments and as private sector. but also in terms of a more equitable distribution of what is happening on the global stage on the political security, financial, economic saving architecture altogether, what countries would still prefer to maintain the status of the us dollar? well, i would think that the allies of the us would one that but what we are seeing in the global south, and maybe i could use the example of bricks expansion. interestingly, we were the 1st country it benefit from brooks expansion because we were not there the launch of bricks we joined for the 1st time at the 20 live in summit insomnia.

and jana, and over the years there's been one or 2 countries each year saying there came in joining last year. last year you had over a dozen countries from the global self. and i mean, major emerging market developing countries, formerly writing or informally approaching bricks. leaders saying they want to become members of bricks. now why the sudden rush like the sudden rush gloriously, we are doing something right in bricks, in terms of what we are focusing on in terms of what we are championing in terms of creating a more critical, inclusive, transparent, and global governance architecture. so i think that that clearly illustrates that the bricks leaders moving in the right direction in terms of the new global order and the new global community. we'd like to see, i think, you know, as much as it is spent 4 times. it's also a time for us as he international community to be creative and work

towards peace because that should be the underlying aim for all of us. we want a peaceful order, but unfortunately, what we are seeing is a bar. and this is what is causing cont, destination and conflict in the world is a few nations wanting to be the head demands of international community. and that's not going to happen. the world is vastly changed. as i said, you have major developing countries, india and china bricks a console, 40 percent of the global population. we are 40 percent of the global population. we are 25 percent of global g, d p. and again, just referring to jeffrey sex, jeffrey sex pointed out that the bricks economies is bigger than the g. 70 economist today and bricks continues to grow. you saw the i m f world bank

predictions in terms of global growth this year. europe is in serious crisis. some may even go into recession channel as expected to grow, at least between 5 and 6 percent. india is expected to go 6 percent plus and despite the challenges in russia, russia is also expected to have positive growth. so it's a brazil i think you are seeing a research in brazil under president lula as one of the main architects of bricks. so i think that's also good news for bricks. and of course, south africa. it's not just about a recall for us. bricks is also about africa. so yes it's, it's, and i think it's an opportunity to be sharing bricks. it's a difficulty or what is the helpful paternity? i see it as the of genetic bricks and on that positive. now thank you so much for joining us and for giving us of your time. my pleasure. thank you so much. as the minimum enthusiasm public grows, it's not limited to the financial but it's also impacts in other industries. the

world's only film festival that places a special focus on bricks. countries is making a comeback. this year. it's yeah. at the university of to hannah's big in south africa. it's focus is on shaping the future and forming robust partnerships and strong ties amongst bricks, countries. the festival showcase as a long and short films, exposing produces to international audiences, setting the tone for future collaborations. briggs of countries don't have much p r to do ok. france needs be, are, you know, made it nice. com, international about america. nice dos guys. you know, because they've got on brutalizing people, so it's easy for them to find things that make them look good. but you come out. but as if i need to create a con peter oscar. it's like what for we got to feed people who are going to build roads. so just being around design, it's quite an achievement because it's not

a proud, it will not be the trying to do that said i still think good countries should also have good p r. so that they remind each other that you know they've got things beyond. i just put it, it's a start, but at this stage it's hard to fail. how do you get to sell your film in america? if you become a foreign language when off gum, maybe you get a few more screens. but then the lie is come to off to get your phone going. but the truth is, you're not going to get much if you go there. so if we start to collaborate more, have more springs of our own. that will do is we put our own philip, it's in my in charge a ride for people to watch them. maybe a really big business as an economy block and a jewel political block. the idea of meeting financial needs and local currency. it's reverberating across the continent. we know that we can get from johannesburg . it's clear that western currency is a starting to value,

and the story was within most african countries. and this is led to the desire, amongst many africans to thought seeing value and supports their own currencies. we ought to date the seats of tre, hadn't, from south africa. the most traders in this country, from many parts of the african continent, and with these currencies. and lots of foreign a, my dilemma is with the got polymer. now even those that african currency is the rand we, as africans, we understand the value and the way to that it's a current to africa. carrier is involved with currency emissions or louis kin fears about with many africans. and i was starting to see the importance and the value of the own current. but not everyone

having many currencies in one country would actually mess up our economy. okay. so we need one currency, whether it being crypto currency, but we need one currency for the whole of africa, not just south africa. it's the only question that remains is of what can be done to make sure that we maintain and uphold our own currency to the same level as waste in covington, for r t r. no, look, we'll call and get into hands. but among the most prominent african countries moving away from traditional colonial plates, currency is south sedan. interestingly, the international monetary fund has expressed support for the tuba government efforts to code the u. s. dawn is dominant and local transactions and contracts as part of moving aimed at maintaining the high cost of living as a sauces, any citizen, i am requesting that in all our businesses and exchange practices. we must use our

local pound because we have a currency that represents us. every way you go, people are using the dollar in hospitals in market every way. there needs to be a solution, but i don't know what the solution is here, but surely we should be able to use our own currency that makes sense for the lives of cells to the new people. there was a lot of kind of a lot of we don't want that anymore. use a local currency whether enable us to do more market activities with dieting change from i got it to anything else. so using a local currency would be very important. the key to moving away from the dollar lies. yeah. the good news is that african countries and already taking significant easy financial payments. and pizza, him for mobile pay says why healey, for money, is

a mobile phone base transfer payments and micro financing service. our taxi driver took us for a drink and explained how it works in a day that's more important exactly. to you all a taxi driver. how has some kids help you in your job? it has been convenient because i'm able to give change to my plant. amazing, all one time i walk out of the car to go and look for change to for my client. you get the change to. yeah. because if you pay me through and you can pay through me, continue to give you change on and so it has mid transaction fifties and also the 5th time and safer. unfair for very much for taking me off something to drink yoke. and i appreciate you paying, you're most welcome. so this to number is the one who comes in, they said to us,

be through this team number. so this is not the case, the number for this restaurant for this list. ok, so you got your phone, we're going to go to my in pisser and my phone, which is an app which is not. and then from there, the pin, a person really quick can pin. they let it go directly to your, to their account in case of they want me to pay today account. but now, in our case, know we are going to, to this the ocean, bye bye, a good and services because you're buying these for the good. so i'll touch on bag with and services amino antilles to number it to live it on the option to enter the amount. okay, 90900 and then i'll say ok. and then it will give me an option from my, my own pin. that's sick, that's been that i still not even with you, so we won't be for that. so masking,

you shall not look with. so it's even movies to my phone. but you have to have a cell phone. you have to holler cell phone now. and does everybody, can you have a cell phone? yeah, i have to almost have it on half a cellphone in the house. would it? but has a cellphone. so even amongst the crow communities, you might not have money in open his account, but you'll have it for a cellphone with an impair set. yeah. can you show he can pull it through their confirmation. so now we've paid mercy of paid. thank you so much for the service and sometimes it was really nice. yeah, almost talk to you. okay. thank you. for a long time. african countries have struggled with infrastructure problems which have made financial services less accessible in the move away from western currencies. a growing number of countries are now looking at crypto currency as a viable alternative. if you can just start by explaining to us what exactly crypto

currency is, because a lot of people talk about the block chain, but coin and a theory him what exactly are we talking about? so cooper currencies are independent currents is we're going to think of them as any other currency forward. the 2nd big car, for example, you can think of it as the u. s. dollar. the same way you can think about the south african rand or the russian rolo, the different skis group occurrences, arnold attached to any country. now why do you think african countries are taking this particular route? would you say african countries trying to wean themselves off western currency pads so african countries have. busy has had a disadvantage when it comes to currents is because we rely on the us dollar and several other foreign currencies in which these currencies are printed by the western countries. and also the payment infrastructure is controlled by that. so the payment was, make it, make it impossible for

a lot of africa to transact at global level. i'll give you a simple example each and every african has a difficulty simply interacting with the neighborhood. like africa is the most disconnected continent in the war. like it's so expensive to send money from one country to the never country, or would you say that african country is a time to wean themselves off western currency pads. yeah. if possible, you are in a growth of stem coins in several places like materia, zimbabwe. where there is a lot of forest problems, it's so difficult to get all of us daughters. and what a lot of people started doing is simply get auto some u f d t. in your own view, would you say you are in full support of african countries making this particular move? you are so difficult for africa to work with mine. it is too difficult for both right now we're to not use good to currency. right. which means a lot,

a lot more people are more confined into their local jurisdiction. so if you are, if you live in a country that's, that has 48.7 unemployment rate, it means that you can not escape it if you don't have the means to connect to the global economy. whereas if you have a group to come and say, well it, well, you can get online, there is no unemployment online. you can get a job as a math teacher, teaching some kids in mongolia or in russia or in australia somewhere, and get paid a group to kind of see. but also admins, us, more africans now can conduct an e commerce which also has been very difficult because with a payment get way which i referred to as the economic path. i'm, but a lot of africans don't have the means to do trade. now you can open an each door, online settings, a product, offering a service, and you can start getting paid with crypto currencies and this takes literally less than 5 minutes to set up. you don't not, you don't need to sign in a forms or make any of applications. is as easy as downloading your,

what's happened, a phone number, and you ready to go. now, some people believe that africans, under davila infrastructure. perhaps it makes it a stung victor for crypto currency, but some in fact, a lot of people believe that that's the actual reason why it wouldn't work. what's your take on one of the life of infrastructure for the current legacy system is the current is for more africans to adopt to currency. and this is because of how the text belt. so for legacy infrastructure you mostly, you have to invest a lot of locally in infrastructure because it's either servers or a lot of the you need a lot of investment to come in your country and set up to basically make a lot of these things work. that's why i wrote the services, even payments are very expensive. these are blocks and best acknowledges it's already designed through the incentive models. do allow people to just use and pay

a small fee and the provider of the service is better be widened by anyone in the world. because for the 2nd big coin, you can look at the coin mine. it can be done anywhere in the world. but in one, so in wide, in the victim a whole is a provider of the infrastructure. in other words, if you are confined to say, one entity, a company to provide the infrastructure for, let's say payment get way over. if you can system, you're not forcing yourself to allocate a whole lot of capital by one provider to get something done. and this makes the prices of infrastructure or the services to go. ringback to go up, but of course better infrastructure held for more duction we need developers on in the system that can be beauty, these technologies, and for that to grow really fast, you need good infrastructure. so it's really an excuse to not beauty infrastructure, but it is a live frog to basically cut corners and get to certain places much faster than we

would if we had to use the tradition means of growth or infrastructure. what happens after the of this we so we hope you enjoyed it. you can always catch us on our social media handles if you missed last week. so we explored africa stolen heritage, much of which can be found today in museums in the western world. until then from the heart of the hunters, the financial district watched the space another day. another dollar is changing. ah, what we've got to do is identify the threats that we have. it's crazy, even foundation, let it be an arms race group is on often very dramatic development. only personally

and getting to resist. i don't see how that strategy will be successful. it's very difficult time to sit down and talk ah, with

oh, was recently munoz cards. imagine if you speak russian, keep your voice down while out and about like about a couple. it doesn't put your human symbols on display a guy. so you guys don't talk to strangers. i avoid noisy gatherings and rallies a marsh. we've eaten your colleagues and perhaps also your friends think you're guilty because you'll rush a

specific story short. we can find a headlines. anaki international i there is right there. the u. s. secretary of state anthony blanket and visiting ethiopia, i need jared to quickly boost us influence in africa. so it does come as a huge is walk into an of actually impeding piece and that's a hell of richard australia's plan. and so by 5 nuclear power submarines from america does to draw criticism from china. it concerns the deal puts non proliferation agreements with russia agreed to extend the black sea grain deal, which was set to expire this saturday. that will be extended now for 2 more months

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