Nkrumah in 1963 declared foreign-backed monetary systems subordinate to that country’s interests
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 (
#exemplifies, via linked claim)
Categorization
- XREF: connects to: Nkrumah warned in 1963 that foreign-backed currencies subordinate African states; Foreign-backed monetary systems subordinate a state to that foreign country. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369
Related
- Foreign-backed monetary systems subordinate a state to that foreign country. (similarity 0.96)
- The Balladur doctrine made loans contingent on accepting devaluation (similarity 0.90)
- 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 0.80)
- Controlling currency was essential to the colonial appropriation of African riches (similarity 0.79)
- Post-colonial monetary unions survived only in the franc zone and small dependencies (similarity 0.79)
- Currency issuance is inseparable from national sovereignty (similarity 0.79)
Broader Connections
- Foreign-backed monetary systems subordinate a state to that foreign country.
#exemplifies(0.85) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369