Greetings from the Pearl of Africa!
Today, I had a very productive visit to Kampala, Uganda, the Pearl of Africa, with my dear friend Julius Mucunguzi (we were colleagues in Addis Ababa, Ethiopia). I had two long deep-dive conversations with senior government officials, Minister of State for Industry, the Hon David Bahati, and Uganda's Permanent Representative at the United Nations, Ambassador Aadonia Ayebare.…
The effects of colonialism in Africa and how to break out of the persistent pattern. Formerly colonized countries are stuck in the economic/financial trap of producing low value goods for domstic consumption and export and importing high value goods, which necessitates borrowing in foreign currency (typically USD,).thereby de facto forfeiting monetary sovereignty even if they have their own central bank and issue their own currency. The issue is how to break out of this cycle resulting from path dependency.
Global South Perspectives — Reflections & Analysis by Fadhel Kaboub
Uganda's leadership role in the Global South
Fadhel Kaboub, Associate Professor of economics at Denison University (on leave) and President of the Global Institute for Sustainable Prosperity. He currently serves as the Under-Secretary-General for Financing for Development at the Organisation of Educational Cooperation in Addis Ababa, Ethiopia.He also held a number of research affiliations with the Levy Economics Institute, the John F. Kennedy School of Government at Harvard University, the Economic Research Forum (Cairo), Power Shift Africa (Nairobi), and the Center for Strategic Studies on the Maghreb (Tunis). Fadhel is Tunisian-American MMMT economist. Ph.D. in Economics & Social Science Consortium, 2006, University of Missouri - Kansas City. M.A. in Economics, May 2001, University of Missouri - Kansas City. B.S. in Economics, June 1999, with Distinction
2 comments:
“ Formerly colonized countries are stuck in the economic/financial trap of producing low value goods for domstic consumption and export and importing high value goods, which necessitates borrowing in foreign currency (typically USD,).thereby de facto forfeiting monetary sovereignty even if they have their own central bank and issue their own currency.”
Yo, the people who produce the “high value goods” don’t want the currency of the turd world hell holes like Uganda … it does them no good..
Yo, restating Kaboub's words in Brooklynese (surely not Connecticut speak) does not change the facts, eh! Look at the food imports -- as Michael Hudson generally points out, this is a direct result of Word Bank/IMF/US/EU-enforced policies to undermine national control of agriculture, and to limit crop production for export. For what, a pittance in reserve currency funds far insufficient to compensate for lost food production for domestic consumption?
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