From: f54oguocha@edison.usask.ca
Newsgroups: soc.culture.african
Subject: RE: Money matters in Mali, Niger,Togo, etc
Date: 30 DEC 92 20:04:24 GMT
Organization: University of Saskatchewan
NNTP-Posting-Host: edison.usask.ca

In a previous article, matmcinn@nuscc.nus.sg (Brett McInnes) wrote:
					           
>I must say that I find this pretty amazing. Apparently this system has
>worked rather well [anyone wish to dispute this?] since about 1960. Quite
>a feat when one considers the failure of the Europeans to organise
>something of this sort. One respondent contrasted this with the disasters
>that have overtaken the currencies of Ghana and Nigeria.		  
Hi,
the correspondent who contrasted the franco-phone monetary union's apparent
stability and success with the disasters that have overtaken the Cedi and
Naira of Ghana and Nigeria respectively must be a neo-colonialist or not
well informed about the calamities that befell these two west African nations.
The fall of the above mentioned currencies cannot be traced to the inability
of the anglo-phone west African countries to enter into a monetary union.
rather, corruption and planlessness killed the Cedi and the Naira in Ghana and
Nigeria respectively. Before the British relinguished power in Ghana and Nig-
eria, they ensured that efficient and sufficient manpower supplies were avail-
able to run the financial institutions and other infrastructure they erected.
So, there was no need at that time for Britain to still control the monetary
systems of these two countries(remotely or otherwise). In contrast, France
was never interested in educating Africans under her control. She just assi-
milated these people and, till date, most franco-phone Africans are just 
french people in black skin. That's why ECOWAS has not been able, after more
than a decade of existence, to effect a common currency in the west African 
subregion. That's why the so-called ECOMOG peace keepers have been rendered
ineffective in bringing peace to Liberia; that's why OAU is nothing but a
toothless bulldog - it can bark but it cannot bite. to hell with murderers of
mother Africa!!!
As i said before, corruption in high places and planlessness dragged the value
of the Cedi and Naira into a bottomless canyon. For instance, The Nigerian
Naira was exchanging at about #0.75 to US$1.0 around 1979 and even early '80s.
Well, the rest is now history. The corrupt regime of Shehu Shagari embarked on
an unmitigated sqaundermania and used the Naira to play soccer. Even when the
not-so-clean opposition parties were crying foul as per the way the Naira was
beeing used with reckless abandon by the bigwigs and errand boys of the ruling
party, Shagari sent one of his ministers abroad to tell the whole world that
the Naira was at its best, and that the opposition parties were just ranting for
nothing. and the spree continued and finally, by the time he was kicked out of
office on 31st Dec., 1983, the Naira had been killed beyond resurrection. And
that's when Nigerians far and wide knew that they were in a big economic mess.
All efforts(good and bad) made since then to bring sanity to the Naira have
not yielded any dividend. Instead, things are worsening day by day. today, the
Naira exchanges at about #22.0 to US$1.0. What it will be in 1993 is any one's
guess. Nevertheless, Nigerians still strongly believe they will survive sooner
or later. The story of the Cedi is not much different except that the economy
of Ghana is recovering faster than that of Nigeria at present. Let's wait and
see. All in all, i don't think that the franco-phone formular is the best beca-
se if Africans are free they must be truely free; right now the francos are not
free. period!
oguocha 
Xref: sparky soc.culture.african:7285 soc.culture.african.american:13328 alt.rap-gdead:169