HOW AFRICA CAN BREAK FREE FROM WESTERN CONTROL OVER ITS GOLD
Decades after independence, Africa remains in chains… bound by Western multinationals’ gold mining interests.
Leading Malian economist Modibo Mao Makalou reveals the path to liberation. 🧵👇🏽
Decades after independence, Africa remains in chains… bound by Western multinationals’ gold mining interests.
Leading Malian economist Modibo Mao Makalou reveals the path to liberation. 🧵👇🏽
1️⃣MECHANISMS OF CONTROL
Africa’s gold is a national asset… on paper.
But in practice, Western interests hold large stakes, dominating productive mines through one-sided “joint venture” agreements.
Africa’s gold is a national asset… on paper.
But in practice, Western interests hold large stakes, dominating productive mines through one-sided “joint venture” agreements.
2️⃣SUPPLY CHAIN DOMINANCE
Western monopolies control financing, logistics, quality control, and refining.
Pricing is set in London and New York… far African soil.
Western monopolies control financing, logistics, quality control, and refining.
Pricing is set in London and New York… far African soil.
3️⃣EXPLOITATIVE CONTRACTS
Lopsided, long-term deals are signed with unstable or corrupt governments.
Western companies use their states’ power — from military interventions to soft power tools — to try to maintain control indefinitely.
Lopsided, long-term deals are signed with unstable or corrupt governments.
Western companies use their states’ power — from military interventions to soft power tools — to try to maintain control indefinitely.
4️⃣CHALLENGING WESTERN CONTROL
Countries in the Sahel are leading a revolt, rewriting mining codes, nationalizing mines and forming promising new alliances with Russia and China.
Countries in the Sahel are leading a revolt, rewriting mining codes, nationalizing mines and forming promising new alliances with Russia and China.
5️⃣TRANSFORMING MINDSETS
"We need to shift from low-value sectors to high-value sectors," says economist Modibo Mao Makalou, calling out the exploitative system that has relegated African nations to raw material appendages to the West.
"We need to shift from low-value sectors to high-value sectors," says economist Modibo Mao Makalou, calling out the exploitative system that has relegated African nations to raw material appendages to the West.
6️⃣TRANSFORMING ECONOMIES
A “structural transformation” is essential to break free from the current status quo.
Local decision-making and pan-African strategies are key to overcoming the West’s ‘divide and rule’ tactics.
A “structural transformation” is essential to break free from the current status quo.
Local decision-making and pan-African strategies are key to overcoming the West’s ‘divide and rule’ tactics.
7️⃣A NEW MINING VISION FOR AFRICA?
To counter the power of multinational companies, Africa needs unified, continent-wide strategies.
Enjoying control over 40% of the world’s critical mineral wealth, Africa must leverage these resources for its own benefit.
To counter the power of multinational companies, Africa needs unified, continent-wide strategies.
Enjoying control over 40% of the world’s critical mineral wealth, Africa must leverage these resources for its own benefit.
8️⃣BREAKING THE WEST’S FINANCIAL GRIP
Ditching the dollar, abandoning the CFA franc, embracing local currency convertibility and trade, leveraging tools like the AU’s Pan-African Payment & Settlement System – these are all steps that African countries can take to free themselves.
Ditching the dollar, abandoning the CFA franc, embracing local currency convertibility and trade, leveraging tools like the AU’s Pan-African Payment & Settlement System – these are all steps that African countries can take to free themselves.
9️⃣BRICS CAN HELP
Africa should seize the opportunity presented by the rise of BRICS. As the group’s economic power grows, Africa should align with this new global monetary powerhouse, to move away from Western dominance.
Africa should seize the opportunity presented by the rise of BRICS. As the group’s economic power grows, Africa should align with this new global monetary powerhouse, to move away from Western dominance.
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