Jamal Awil

← Africa's Last Colonial Currency

Foreign monetary backing subordinates a state’s system. [fact]

‘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 Curr…, loc. 369