Africa : Economy in Africa


Well-Known Member
May 11, 2003
Zimbabwe bans hoarding of cash

President Robert Mugabe's government announced on Saturday that it banning the "hoarding" of cash, in an attempt to deal with a desperate shortage of banknotes.

The scarcity of banknotes has forced thousands of people to queue outside banks, sometimes for days, to try to withdraw their salaries. Withdrawals are limited to 5000 Zimbabwe dollars.

Anglogold's Deep Pockets And Skills Base Vital to Deal

AngloGold's potential to fund the development of Ashanti's Obuasi Deep mine and its deep-level mining skills were key to Ashanti backing its offer for the company. The combined group, to be known as AngloGold Ashanti Limited and will trade as Ashanti AngloGold in Ghana, will become the world's largest gold producer. The Ghana government must still approve the deal.

UNECA Reports 'Mixed' Outlook for Africa

African countries that have made the most progress in putting in place the right policies to reduce poverty top the rankings in the latest Economic Report on Africa (ERA 2003), the annual Economic Commission for Africa (ECA) flagship publication launched today.

Botswana, South Africa, Mauritius, Namibia, and Tunisia rank highest, in that order, while the Republic of Congo is at the bottom followed by Zimbabwe, Chad, Guinea and Nigeria. The top performers have lower foreign debt, lower budget deficits, and lower interest rates. Market liberalization is more advanced in these countries, with few policy reversals; legal systems are more effective; infrastructure is of higher and more reliable quality and access is better; and pro-poor policies are more effective. The bottom five fare poorly on all these indicators.

Nigeria Records $4bn Trade Deficit With US

"Nigeria is the cornerstone of West Africa, with 41 per cent of West Africa's economy and 47 per cent of its population," Jetter said.

He, however, urged Nigeria to shift as soon as possible from political competition to economic reform, to achieve growth and equitable development.


Well-Known Member
Aug 8, 2003
Good reads. I'll give a crack at some analysis from what I've read and observed anyway though. Actually I need to get into a really good geography and Intro. to Africa courses to get me a lift off. And yes I know there are things called books that could teach me just as well, but classroom settings help me more in some areas, although that depends on who's teaching it.

As far as Zimbabwe, their situation can't be analyzed purely economically, this is a behavioral and psychological situation. People start to hoard money when they distrust the institutions built to house and manage it. Introduction of a new dollar won't ease the uneasy feeling of living in instability. When you get some of what you want, got to know what to do with it, of course being renamed after a British ruler, being relegated to servitude, and spending years fighting to regain your country can make that transition hard.

You know what, I'm so slow. I was reading the story thinking "AngolaGold" then I realized it says "AngloGold". If you do a search for the website you'll get a nice look at the executives who are becoming rich from this merger as well as the gold they are mining out of the lands in Africa. It says they have a 19 operations in 8 countries. And we wonder why Africa is failing economically, well besides the fact that we don't act as a worldwide community and produce change.

lol@the words "Mixed Outcome" in the title of the third article. What good is a liberal market and policies if it isn't being supported by an equal influx of support and lessening of the theft or resources for the gain of people other than those indigenous to the countries.

"At the same time, the US decision to introduce a six-year $51.7 billion farm bill boosting crop and dairy subsidies will reduce agricultural prices, making it difficult for small African countries to compete." Oh wow now that's shocking news isnt it?

"Downside risks stem from the deteriorating political and economic situation in Zimbabwe and Liberia, with possible contagious effects in the western and southern sub regions." Oh well its just like the flu if one goes the other one does right? This means that Zimbabwe and Liberia are the current targets for more destablization and neo-colonialism and more are to come.

I'll have to read up on the Doha Development Round, I've never heard of it.

Again this is where panafricanism comes in, if we worldwide contributed to building economics collectively, including economists and other finance experts lending their knowledge to revamp failing economies.

I say all of this idealistically because there will always be the threat of the powers that be reigning down and attempting to destroy any efforts (remember Bush's prohibiting the transfer of funds to any of the government leaders which basically translated into the limiting of aid that can be given to Zimbabwe at all), but the effort is worth it if it helps us at all. As I said before, this isn't totally economical, it starts with healing the psyche and souls of an entire people as well. When that is done, everything else like economic building follows, a natural progression.

In the Nigeria story, interlaced within it are a common denominator in all of these stories, US and caucasian involvement.

Source of above quotes:

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