Kenyan President Ruto: Why Trade in Dollars When the Indian Rupee Is More Currency Neutral | Exclusive

In an exclusive interview with First, Kenyan President William Ruto argued for currency-neutral commerce, asking why his country and other African countries should trade in dollars at high exchange rates when the Indian rupee provides a more viable choice.

Ruto, who was in India for three days, told Firstpost that exchange rate losses alone cause $5 billion in annual losses for African countries.

In order to focus on commerce rather than currency exchange, we must neutralize our currency. Africa loses over $5 billion annually due to exchange rate fluctuations. Thus, we are expressing our desire for trade, commerce, and currency-neutral transactions for ourselves,” he said in the midst of the worldwide de-dollarization discussion.

According to Ruto, he discussed the matter with Prime Minister Narendra Modi as well. “We want the $250 million (Line of Credit) facility that will be granted to Kenya to be paid in Indian rupees, as per our discussion with Prime Minister Modi yesterday. “We have the facility in Indian rupees; why should we go look for dollars?” he said.

Kenya will get a $250 million credit line from India on Tuesday to modernize its agriculture industry.

Ruto said, “We are changing the narrative for Africa, and we are repositioning Africa as an investment destination, not as a destination for aid or donations,” in reference to the continent’s evolving role in the global community.

According to an African adage, all tales up until the lion learned to write them himself exalted the hunter since he was the one who wrote them. We’re going to create our own tale this time around. For a very long time, narratives about Africa said that the continent was full of issues, poverty, sickness, and violence. We are informing them that Africa encompasses much more.

According to him, Africa is evolving from a “resource” to an investment. For instance, we have backed Europe. We have provided assistance to other areas. We have been very dependable and have supplied them our raw supplies. Additionally, we have purchased their completed goods. It is time for us to trade, for them to purchase our completed goods, for them to export their technology to us, and for us to decide on an investment plan.

The president of Kenya praised India for its contribution to such transformation. “I did give my brother, Prime Minister Modi, credit for his efforts in promoting the Global South’s—and particularly Africa’s—position in world geopolitics. Africa was given the chance to join the G20 as a permanent member right here in India, according to Ruto.

With the intention of adopting the self-sufficient “India model” for Kenya, Ruto declared: “We cannot keep importing goods. In fact, Prime Minister Modi holds that belief. As a matter of fact, he has turned India from being a net importer of rice to one that exports it. And for Kenya, it is my goal.

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The leader of Kenya also praised PM Modi’s commitment to public service. “I said to him, ‘Well, I don’t know how he does things for 1.4 billion people, it’s hard doing things for 50 million people. It’s very impressive. I’m not supposed to discuss the advice he provided me with the media.

Ruto praised the sizeable and vibrant Indian diaspora in Kenya, claiming that they are now Africa’s 44th tribe. “One of Kenya’s greatest resources is the Indian diaspora. They no longer identify as Indians and embrace Kenya’s diversity. They are now the 44th tribe in Kenya, and they are completely Kenyan in our eyes. They have also served as a fantastic link between Kenya and India.