I just finished watching a news report on Al Jazeera that showed Cobalt as the new gold because electronic gadgets would soon become greater in number than anything else made by man. (All the vital parts and chips in our devices, from phones, computers, and headphones, are made with Cobalt). Congo has the highest world deposit of Cobalt for those who do not know. So instead of making me (an African) happy, the report made me sad. And here is why.
Do you wonder why the British Pound has greater value than the Chinese Yen, Euro, US Dollar and many other currencies?
The factories in China’s Guangzhou, Shenzhen and Shanghai alone are more significant than all the factories and banks in the UK. Yet, the British pound is higher than the Chinese yen. USA is home to more than 40% of Global brands worth trillions of dollars, such as GM, GE, Coca Cola, Apple, Facebook, Google, Amazon, Microsoft, HP, Wells Fargo, Goldman Sachs etc. Yet, the British pounds is higher than the American dollars.
Have you ever wondered why the Pounds didn’t fall even during and after the Second World War, which saw a lot of British structures and factories destroyed?
Why does Britain have one of the most costly tax regimes globally, further discouraging entrepreneurs both from the UK and outside from investing inside the UK, yet they don’t bother?
Most luxury and classic cars are manufactured by German companies. Also, heavy-duty machines and yet Pounds is higher than Euro. Britain has no natural resources in commercial quantities, a tiny landmass surrounded by water. China and Russia have the largest landmass, also an abundance of natural resources underneath. Yet the British pounds is higher than the currencies of all these countries. The reason is simple, and it’s called AFRICA!
Sometimes back, the Financial Times published an article stating that the natural resources in the African continent are estimated to be worth 3.6 trillion dollars, but 90% of that resource is controlled by their former colonial masters. All these facts are not hidden, yet Africans are not worried.
No African Leader ever asked the essence and achievements of the Conference of Commonwealth nations. This comprises former British colonies, and the focus is on African governments of former British colonies. Colonialism is still alive in Africa today. Only that it is now identified with other names.