The Untold Realities Behind African Currencies Devaluation.(Script)
Let us take a trip on memory lane.
In 1979 0.647 NGN was equivalent to 1 USD
in 2006 0.925 GHS was equivalent to 1 USD
As of today, the strongest currency in the whole of Africa as of 2024 which is Tunisian Dinar is not even as strong as the US dollar.
This is even sad when you take into consideration that over the last 100 years, the purchasing power of the US dollar has decreased by about 95%
This means that an annual inflation rate of 3% of 1000 dollars in the year 2024 is equivalent to 25$ in 1900.
Why then does the African country’s currency get weaker and weaker?
The answer is simple "The West"
The West has always been the one sabotaging our currency, but before we go into the how, let’s discuss the why
- They do it to have cheaper labour
Cheaper resources - They do it to maintain power
- They do it to exploit Africa
Now let’s move to the how.
How did they manage to do such a terrible thing?
In the 1980s the IMF and World Bank which are basically puppets for the West provided loans to Nigeria but one of the conditions given was that they have to devalue their currency.
In 1983, Ghana met the same fate, it was to condition for receiving financial support.
And guess who initiated it? The IMF and the World Bank, they called it Structural Adjustment Program (SAP)
This did not only happen to Nigeria and Ghana, it also happened to.
Zambia in 1983
Zimbabwe in 1991
Kenya in 1993
Uganda in 1994
Tanzania in 1994
Malawi in 1994
Côte d'Ivoire (Ivory Coast) in 1994
Senegal in 1994
Cameroon in 1994
Burkina Faso in 1994
The United States has one of the highest debts in the world, and guess what, they didn't have to devalue their currency.
The United States also borrow their debts in dollars, so when you really think about it, they can just print it and pay it back if they want.
In years past they took our resources by force and exploited us, now they take it by deceit, by paying next to nothing.
Before I end, I would like to quote Lawrence Freeman,
“It is more than ironic that the West is complaining about Africa’s debt to China. Since the 1960s, Western nations, the IMF, World Bank, Paris Club, etc., have ‘looted’ Africa of hundreds of billions of dollars in bloated debt payments and through the manipulation of currencies, and terms of trade.”
The whole world system is rigged
