Tag Archives: africa

Currencies Of The African Diaspora – Algeria

Algeria’s economy remains dominated by the state, a legacy of the country’s socialist post-independence development model. In recent years the Algerian Government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. It ranks 16th in oil reserves. Strong revenues from hydrocarbon exports have brought Algeria relative macroeconomic stability, with foreign currency reserves approaching $200 billion and a large budget stabilization fund available for tapping. In addition, Algeria’s external debt is extremely low at about 2% of GDP. However, Algeria has struggled to develop non-hydrocarbon industries because of heavy regulation and an emphasis on state-driven growth. The government’s efforts have done little to reduce high youth unemployment rates or to address housing shortages. A wave of economic protests in February and March 2011 prompted the Algerian Government to offer more than $23 billion in public grants and retroactive salary and benefit increases, moves which continue to weigh on public finances. Long-term economic challenges include diversifying the economy away from its reliance on hydrocarbon exports, bolstering the private sector, attracting foreign investment, and providing adequate jobs for younger Algerians.




MC3_0960 Algiers.jpg


Source: Economy overview provided by CIA Factbook

HBCU Money™ Business Book Feature – The Arab Invasion of Egypt: And the Last 30 Years of the Roman Dominion


It is significant that Alfred J, Butler’s book, The Arab Conquest of Egypt, and the Last Thirty Years of the Roman Dominion, first published in 1902, is being republished at this time. The African converts to Islam in Africa and those abroad have at last begun to lose some of their romanticism about the Arabs and Islam and are now asking some pertinent questions about this religion and it’s original propagators that they should have asked long ago.

HBCU Money™ Histronomics: The Berlin Conference 1884 – Scramble For Africa


The Berlin Conference:
The General Act of Feb. 26, 1885

Chap. I [relating to the Kongo River Basin and adjacent territories]

I. The trade of all nations shall enjoy complete freedom

II. All flags, without distinction of nationality, shall have free access to the whole of the coast-line of the territories . . .

III. Goods of whatever origin, imported into these regions, under whatsoever flag, by sea or river, or overland, shall be subject to no other taxes than such as may be levied as fair compensation for expenditure in the interests of trade . . .

IV. Merchandise imported into these regions shall remain free from import and transit duties [subject to review after 20 years]

V. No power which exercises or shall exercise sovereign rights in the . . regions shall be allowed to grant therein a monopoly or favour of any kind in matters of trade…

VI. All the powers exercising sovereign rights or influence in the aforesaid territories bind themselves to watch over the preservation of the native tribes, and to care for the improvement of the conditions of their moral and material well-being and to help in suppressing slavery, and especially the Slave Trade. They shall, without distinction of creed or nation, protect and favour all religious, scientific, or charitable institutions and undertakings created and organized for the above ends, or which aim at instructing the natives and bringing home to them the blessings of civilization.
Christian missionaries, scientists, and explorers, with their followers, property, and collections, shall likewise be the objects of especial protection.
Freedom of conscience and religious toleration are expressly guaranteed to the natives, no less than to subjects and to foreigners . . .

Chap. II Documents relative to the Slave Trade

IX. …………the Powers which do or shall exercise sovereign rights or influence in the territories forming the .. basin of the Congo declare that these territories may not serve as a market or means of transit for the trade in slaves, of whatever race they may be. Each of the Powers binds itself to employ all the means at its disposal for putting an end to this trade and for punishing those who engage in it.

Chap. IV Act of Navigation for the Kongo

XIII. The navigation of the Kongo, without excepting any of its branches or outlets, is, and shall remain, free for the merchant ships of all nations equally . . . the subjects and flags of all nations shall in all respects be treated on a footing of perfect equality . . . no exclusive privilege of navigation will be conceded to Companies, Corporations, or private persons whatsoever . . .

Chap. V Act of Navigation for the Niger.

XXVI. The navigation of the (River) Niger, without excepting any of its branches and outlets, is and shall remain entirely free for the merchant ships of all nations equally . . .[both Britain and France which had parts of the region of the Niger under protectorate status also undertook to apply the principle of free trade in their territories]

Chap. VI [Regarding new occupations on the coasts of Africa]

XXXIV. Any power which henceforth takes possession of a tract of land on the coasts of the African Continent outside of its present possessions, or which, being hitherto without such possessions, shall acquire them and assume a protectorate. . . shall accompany either act with a notification thereof, addressed to the other Signatory Powers of the present Act, in order to enable them to protest against the same if there exists any grounds for their doing so.

XXXV. The Signatory Powers of the present Act recognize the obligation to insure the establishment of authority in the regions occupied by them on the coasts of the African Continent sufficient to protect existing rights, and, as the case may be, freedom of trade and of transit under the conditions aggreed upon.

XXXVII. The Powers signatory to the present general Act reserve to themselves the right of eventually, by mutual agreement, introducing therein modifications or improvements the utility of which has been shown by experience

Berlin Act Article 43

Article 34 of the Berlin Act states that any European nation that took possession of an African coast, or named themselves as “protectorate” of one; had to inform the signatory powers of the Berlin Act of this action.  If this was not done then their claim would not be recognized. This article introduced the “spheres of influence” doctrine, the control of a coast also meant that they would control the hinterland to an almost unlimited distance.  Article 35 determined that in order to occupy a coastal possession, the nation also had to prove that they controlled sufficient authority there to protect existing rights such as freedom of trade and transit.  This was called the doctrine of “effective occupation” and it made the conquest of Africa a less bloody process.

Currencies Of The African Diaspora – Rwanda

The franc became the currency of Rwanda in 1916, when Belgium occupied the previously German colony and the Belgian Congo franc replaced the German East African rupie. Rwanda used the currency of Belgian Congo until 1960, when the Rwanda and Burundi franc was introduced. Rwanda began issuing its own francs in 1964. There are plans to introduce a common currency, a new East African shilling, for the five member states of the East African community.






Source: Wikipedia

Why Not Africa? A Land Of Opportunity For African Americans

By Cordie Aziz

Africa, for the longest time, was thought of as a place where savages and wild beasts roamed endless plains and jungles. However, as time has advanced so has Africa and its image. Now boasting some of the fastest growing economies in the world, countries like Mozambique, Tanzania and Kenya are outpacing many developed countries. Other African countries, like Ghana, are now considered middle class countries, illustrating to the world that many African countries are ready to start competing intenationally.

So in the midst of all of this development and economic growth you have to ask yourself why aren’t more African- Americans following the trends of investing in Africa. Is it lack of knowledge of the opportunities, is it the fear of moving into an unknown continent or is it just lack of interest?

If you had a chance to read the job analysis featured on HBCU Money last week, you saw that overall blacks are still losing jobs in the American economy. They, in fact, still boast the highest unemployment rate of all the races, despite their educational level. So, at what point, will African Americans decide to do something different? What will it take for African Americans to not only see the potential in Mother Africa, but to help actualize it as well?

From cell phone apps to grocery and dry cleaning services, every part of the African market is expanding. Each day new opportunities are created and all the market needs is the right person to fill the gap. So why continue to waste your time fighting for crumbs and you can have a whole pie?

If you are young and have a few thousand dollars accessible to you, I would strongly recommend looking into investing overseas. Yes, you will have to do your research and find the right opportunity for you. But once you do, it will be a decision that you will never regret.

So now that you have some basic information, tell me what is stopping you from looking at investments in Africa?

Cordie Aziz, is a former Congressional staffer who moved to Ghana after losing her job in 2011. She currently is the owner of a cell phone rental company in Ghana and has the blog brokEntrepreneur.wordpress.com

Follow her on twitter @brokenEntrepren