"Ghana’s decision could push other countries, especially developing ones, to get rid of the US dollar, either because they adopt a commodity standard based on gold or some raw materials, or because they enter into a multilateral agreement with their most important trading partners, forming an international clearing union issuing a truly international digital currency," he said.
The professor mentioned that "Ghana’s foreign debt is also problematic, since it is denominated in US dollars that the country is in trouble to refinancing at maturity."
"[The Ghana] precedent can have a number of consequences for both emerging and developing economies: after an initial capital flight, a variety of foreign investors can change their mind, once they observe that these economies have a higher rate of growth because of their monetary and fiscal policy independence from the US," Rossi underlined.
According to the professor: "Both the number and the business of US financial institutions will shrink, inducing a reduction of both wage and employment levels in these institutions, which should eventually understand that it is in their own interests to support economic activity within the country’s borders, with regard in particular to small and medium-sized enterprises that contribute to “greening” the economic system for the common good."
"After an initial period during which there will be an increased uncertainty and therefore a higher volatility in some economic magnitudes, such an international distribution of economic governance might benefit all stakeholders, notably because it will reduce geopolitical conflicts and support economic growth in those countries – particularly emerging and developing economies – where to date these conflicts represent a major issue on both social and economic grounds," he said.