⏱ Temps de lecture : 1 minutes
As U.S. debt continues to expand, parts of the Global South are gradually building trade and financial mechanisms designed to reduce their dependence on the dollar.
American financial power rests on an extraordinary advantage: the dollar remains at the centre of the international monetary system. Global trade, foreign-exchange reserves, commodity markets and cross-border financial transactions are still heavily denominated in U.S. currency.
This central position gives the United States exceptional borrowing capacity. The U.S. Treasury can issue vast amounts of debt while benefiting from structural global demand for Treasury securities from central banks, sovereign wealth funds, financial institutions and private investors.
Yet this system is increasingly questioned across parts of the Global South. Financial sanctions, the extraterritorial reach of U.S. law, dependence on Western payment infrastructures and exposure to dollar fluctuations have encouraged several governments to diversify their financial relationships.
BRICS countries are among the most visible actors in this process. Local-currency trade, bilateral swap agreements, alternative settlement systems, development banks and reserve diversification are gradually creating channels that can operate outside the traditional dollar-centred architecture.
De-dollarisation therefore does not necessarily mean that the dollar is about to disappear. It is better understood as a progressive fragmentation of the global monetary system, in which a growing number of countries seek to reduce their exposure to a single dominant currency.
This raises an important strategic question for the United States. What happens if a growing share of global trade surpluses is no longer recycled into U.S. Treasury securities? A structural decline in foreign demand could eventually increase American borrowing costs and weaken part of the monetary privilege that has supported U.S. economic power for decades.
For African economies, the consequences are potentially significant. Greater monetary diversification could create new bargaining opportunities and reduce certain dependencies, but it could also produce greater financial fragmentation, currency volatility and new forms of geopolitical dependence.
This episode examines the connection between rising U.S. debt and the gradual de-dollarisation of the Global South. The issue is not the imminent collapse of the dollar, but the emergence of a more fragmented monetary order in which American financial dominance may become less absolute.
