Foreign-backed monetary systems subordinate a state to that foreign country.

Evidence

It is important to bear in mind that independent financing and development cannot take place without an independent currency. ‘A monetary system supported by the resources of a foreign state is ipso facto subordinated to the trade and financial arrangements of that foreign country’, said the president of Ghana Kwame Nkrumah at the first summit of the Organisation of African Unity (OAU), on 24 May 1963. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369

Categorization

• XREF: Nkrumah’s warning builds on the theme of colonial pact subordination running through the book. — connects to: French-aligned technocrats set monetary policy for CFA franc states.; Currency arrangements can function as wealth-transfer mechanisms between societies.; Currency issuance is inseparable from national sovereignty (+17 more)

Related

• Nkrumah in 1963 declared foreign-backed monetary systems subordinate to that country’s interests (similarity 0.96)
• The Balladur doctrine made loans contingent on accepting devaluation (similarity 0.88)
• Nkrumah warned in 1963 that foreign-backed currencies subordinate African states (similarity 0.85)
• Franco valuta exporters exploited the parallel exchange rate (similarity 0.84)
• Currency arrangements can transfer wealth from colonies to metropolis (similarity 0.83)
• Currency issuance is inseparable from national sovereignty (similarity 0.83)
• Post-colonial monetary unions survived only in the franc zone and small dependencies (similarity 0.82)
• Currency pegging institutionalized a principle of automaticity removing colonial control over exchange rates. (similarity 0.82)
• Currency arrangements can function as wealth-transfer mechanisms between societies. (similarity 0.81)
• Controlling currency was essential to the colonial appropriation of African riches (similarity 0.80)
• Legal currency ownership does not confer economic monetary sovereignty. (similarity 0.80)
• Monetary dependence underlies all other forms of African dependence (similarity 0.80)
• France uniquely maintained its currency in politically independent countries (similarity 0.79)
• Monetary sovereignty let Nigeria avoid IMF subordination where franc-zone states could not (similarity 0.79)
• Colonial-era monetary system survived into independence as four interlocked principles (similarity 0.78)