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1563-4108

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Trading And Investing In & Out Africa

ISSUE 151 - VOL 2
April 15 - July 14, 2018

Dr. Bienvenu-Magloire Quenum
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Welcome to the quarterly issue of Africabiz Online /free access Synopsis & RSS Feed edition. Previous issue available at this link

The introduction to this issue is available at this link

- TO SETUP OF A CONTINENTAL CURRENCY ? THE PRIORITY SHOULD BE THE NATIONALIZATION OF THE EXISTING CENTRAL BANKS AND THE SETUP OF PUBLIC BANKS

By Dr. Bienvenu-Magloire Quenum

"If you are to free yourselves you must break the chains of oppression yourselves. Only then can we express our dignity. Only when we have liberated ourselves can we cooperate with other groups. Any acceptance of humiliation, indignity or insult is acceptance of inferiority." Statement made by the South African struggle icon, Winnie Mandikizela-Mandela, in 1976.

The statement is still pertinent today in the year 2018, considering the economic and monetary fields as most African countries do not have the control of their so-called national currency.

Indeed, as explained in several Africabiz Online's deliveries, most central banks of the world do not belong to the country for which they mint money. The shareholders are foreign private entities. They loan the minted currency/money to the country against payment of interests and have a strict control over the supply of money under the false argument of "money-stability".

The independence granted to African countries - starting with Ghana in 1956 and other African countries in the 1960's, was a well crafted Machiavellian strategic trap depriving them from the control of the so-called "national currency".

Indeed, African countries have no say on the supply of money (to develop vital infrastructure projects) and the interest rates for loans. In some countries, this is even engraved in the Constitution. This ultimate power is an extraordinary one, that has been awarded/granted to foreign interests located continents away, which decide upon the pace of development of the countries - under the bogus explanation of money stability!

Let us be clear, there is no greater power over a nation than having control of its money supply and interest rates.

Think about it: interest rates influence just about everything in the economy.

Changes in interest rates influence housing prices, company stock prices, retail sales, food prices, oil prices, business purchases, imports and exports, insurance charges. Etc.

Interest rates have a significant impact over employment, business investment, inflation, and the currency’s international exchange rate.

Increases in the interest rate even have the power to bring a government to its knees!

- Africa Cannot Afford Waiting for A Continental Common Currency!

To benefit from a strict control of the national money's supply and the setup of interest rates as here exposed, to boosting the economic growth, to benefiting the masses, African countries cannot wait for the establishment of a common continental currency.

Waiting for a continental currency to be deployed would be a waste of time as the bomb of unemployment and high level of poverty - reaching up to 80% in most African countries, is ticking!

How can we wait for the setup of a continental common currency to boost the development growth, provide abundant jobs offers, and raise the standard of living of the populations, when most people in all African countries cannot afford two meals a day, some having one every two days. We cannot afford the luxury of waiting!

Indeed, how long it would take for African countries to agree on the financial and economic specifics of the common currency? One year?  Not possible. A decade? A conservative estimate.

Do not forget there are 55 single African countries. Would the Northern part of the continent, that is Morocco, Algeria, Libya, Egypt be in sync with the southern sub-Saharan one?

Could the African Union as a whole entity mastermind the process of creating the common continental currency? In our opinion, a decade of discussion is a conservative timeframe, based on the experience going on for the creation of the common currency for the ECOWAS region, that started in year 1983 and not yet completed!

In Africabiz Online's opinion, this talk about the setup of a Continental Currency is another strategic and vicious political trap/plot, to delay the economic development of Africa, and permit foreign entities to continue the savage plundering of African countries resources - as exposed by Walter Rodney in How Europe Underdeveloped Africa.

Based on above discussion, one sees that the nationalization of the existing foreign-controlled South African Reserve Bank, is a absolute priority. That would be a step in the good direction and would also open the gate for other African countries to do the same; and allow for the establishment of public banks, to speed up the economic development process of the continent.

However, to nationalize is not the ultimate panacea to boost the economy. Rules and procedures should change.

Indeed, the outcome of the nationalization of South African Reserve Bank would create a powerful engine to boosting the economic development process (and create jobs by the millions), only if the new state owned South African Central Bank sheds predatory rules enacted by the existing Bank of International Settlement, and adopt rule and regulation pertaining to the Islamic Banking system. Click following link to read more on the matter.

One thing for sure, the economic success of the Radical Economic Transformation policy in South Africa, based on Land Reform would occur only if new land owners, entrepreneurs, craftsmen, and agro-industrialists etc.; have access to credit at low interest rates as explained on above outlined links.


About the management of this Blog: Dr. Bienvenu-Magloire Quenum is the principal/ managing director of Dr. Quenum & Associates, IBC; an experienced Investment & Business Planner with 30 years consulting practice in African countries; author of Africans, Stop Being Poor! and the editor in chief of Africabiz Online

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  Dr. B.M. Quenum
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Business Opportunities

- MORE THAN 600 BUSINESS OPPORTUNITIES IDENTIFIED BY AFRICABIZ ONLINE

Africabiz Online had identified more than 150 "untapped" business opportunities in African countries. Each of them opening the way to about 4 by-products leading to additional business opportunities.
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Control Your Desktop

- PROTECT YOURSELF AGAINST ALL KINDS OF ELECTROMAGNETIC POLLUTION


Electromagnetic pollution is everywhere, from the working environment to the public arena, where computer and TV screen, WIFI routers and WIFI broadcasting towers are emitting deadly micro-waves, radio frequencies, and Electromagnetic Frequencies (EMF) - at volume detrimental to your immune system.

For more on the matter visit this link

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Freebie Of The Month

- USE EVERNOTE TO SYNC BETWEEN YOUR SEVERAL DEVICES

EVERNOTE is a great free application very useful to remember everything across your several devices. It has the capability to auto-sync a note between a computer, smart phone and a tablet.

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