Category Archives: Histronomics

Currencies Of The African Diaspora – Cameroon

Posted on January 15, 2014 by hbcumoney | Leave a comment

Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems confronting other underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, and a generally unfavorable climate for business enterprise. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation’s banks. The IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. Subsidies for electricity, food, and fuel have strained the budget. Cameroon recently began several large infrastructure projects, including a deep sea port in Kribi, a natural gas powered electricity generating plant, and several hydroelectric dams. Cameroon must attract more investment to improve its inadequate infrastructure, but its business environment is a deterrent to foreign investment.

Currencies Of The African Diaspora – Burundi

Posted on December 17, 2013 by hbcumoney | Leave a comment

Burundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. The economy is predominantly agricultural; agriculture accounts for just over 30% of GDP and employs more than 90% of the population. Burundi’s primary exports are coffee and tea, which account for 90% of foreign exchange earnings, though exports are a relatively small share of GDP. Burundi’s export earnings – and its ability to pay for imports – rests primarily on weather conditions and international coffee and tea prices. An ethnic-based war that lasted for over a decade resulted in more than 200,000 deaths, forced more than 48,000 refugees into Tanzania, and displaced 140,000 others internally. Only one in two children go to school, and approximately one in 15 adults has HIV/AIDS. Food, medicine, and electricity remain in short supply. Less than 2% of the population has electricity in its homes. Burundi’s GDP grew around 4% annually in 2006-12. Political stability and the end of the civil war have improved aid flows and economic activity has increased, but underlying weaknesses – a high poverty rate, poor education rates, a weak legal system, a poor transportation network, overburdened utilities, and low administrative capacity – risk undermining planned economic reforms. The purchasing power of most Burundians has decreased as wage increases have not kept up with inflation. Burundi will remain heavily dependent on aid from bilateral and multilateral donors – foreign aid represents 42% of Burundi”s national income, the second highest rate in Sub-Saharan Africa. Burundi joined the East African Community in 2009, which should boost Burundi’s regional trade ties, and also in 2009 received $700 million in debt relief. Government corruption is hindering the development of a healthy private sector as companies seek to navigate an environment with ever changing rules.

Source: Economy overview provided by CIA Factbook

Currencies Of The African Diaspora – Burkina Faso

Posted on November 27, 2013 by hbcumoney | Leave a comment

Burkina Faso is a poor, landlocked country that relies heavily on cotton and gold exports for revenue. The country has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to periodic drought. Cotton is the main cash crop. Since 1998, Burkina Faso has embarked upon a gradual privatization of state-owned enterprises and in 2004 revised its investment code to attract foreign investment. As a result of this new code and other legislation favoring the mining sector, the country has seen an upswing in gold exploration and production. By 2010, gold had become the main source of export revenue. Gold mining production doubled between 2009 and 2010. Two new mining projects were launched in the third quarter of 2011. Local community conflict persists in the mining and cotton sectors, but the Prime Minister has made efforts to defuse some of the economic cause of public discontent, including announcing income tax reductions, reparations for looting victims, and subsidies for basic food items and fertilizer. An IMF mission to Burkina Faso in October 2011 expressed general satisfaction with the measures. The risk of a mass exodus of the 3 to 4 million Burinabe who live and work in Cote d’Ivoire has dissipated, and trade, power, and transport links are being restored. Burkina Faso experienced a severe drought in 2011, which decimated grazing land and decreased harvests, creating food insecurity and damaging the country’s agricultural base.

Source: Economy overview provided by CIA Factbook

HBCU Money™ Histronomics: Frederick Douglass Letter to Ida B. Wells

Posted on November 13, 2013 by hbcumoney | 2 comments

Dear Miss Wells:

Let me give you thanks for your faithful paper on the lynch abomination now generally practiced against colored people in the South. There has been no word equal to it in convincing power. I have spoken, but my word is feeble in comparison. You give us what you know and testify from actual knowledge. You have dealt with the facts with cool, painstaking fidelity and left those naked and uncontradicted facts to speak for themselves.

Brave woman! you have done your people and mine a service which can neither be weighed nor measured. If American conscience were only half alive, if the American church and clergy were only half christianized, if American moral sensibility were not hardened by persistent infliction of outrage and crime against colored people, a scream of horror, shame and indignation would rise to Heaven wherever your pamphlet shall be read.

But alas! even crime has power to reproduce itself and create conditions favorable to its own existence. It sometimes seems we are deserted by earth and Heaven–yet we must still think, speak and work, and trust in the power of a merciful God for final deliverance.

Very truly and gratefully yours,

FREDERICK DOUGLASS.
Cedar Hill, Anacostia, D.C., Oct. 25, 1892

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Posted in Histronomics

Tagged frederick douglass, ida b. wells

Currencies Of The African Diaspora – Botswana

Posted on November 12, 2013 by hbcumoney | 1 comment

Botswana has maintained one of the world’s highest economic growth rates since independence in 1966. However, economic growth was negative in 2009, with the industrial sector shrinking by 30%, after the global crisis reduced demand for Botswana’s diamonds. Although the economy recovered in 2010, GDP growth has again slowed. Through fiscal discipline and sound management, Botswana transformed itself from one of the poorest countries in the world to a middle-income country with a per capita GDP of $16,800 in 2012. Two major investment services rank Botswana as the best credit risk in Africa. Diamond mining has fueled much of the expansion and currently accounts for more than one-third of GDP, 70-80% of export earnings, and about one-third of the government’s revenues. Botswana’s heavy reliance on a single luxury export was a critical factor in the sharp economic contraction of 2009. Tourism, financial services, subsistence farming, and cattle raising are other key sectors. According to official government statistics, unemployment reached 17.8% in 2009, but unofficial estimates run much higher. The prevalence of HIV/AIDS is second highest in the world and threatens Botswana’s impressive economic gains. An expected leveling off in diamond production within the next two decades overshadows long-term prospects. A major international diamond company signed a 10-year deal with Botswana in 2012 to move its rough stone sorting and trading division from London to Gaborone by the end of 2013. The move may support Botswana’s downstream diamond industry.