Since we live in a global village, why shouldn’t we trade in one currency? The answer is, if that happened, the western economies would collapse.

When the majority of the world was colonized by foreign powers, there were relatively stable currency exchanges. However, as many countries got independence, the former colonizers for fear of losing control designed dependency via currency exchange regimes to keep the independent nations under lock and key. This has worked for former colonial masters for more than half a century.

The Bretton Woods institutions (World Bank and International Monetary Fund) were created as tools and vehicles to perpetuate financial controls on unsophisticated nations. They use all manner of dangling carrots before independent nations to keep them dependent.

The stranglehold that the western economies have on the rest of the world is via monetary controls and manipulation of exchange rates using the Dollar - primarily as measure.

Until there is streamlined currency exchange rate regime that seeks to be harmonious with population sizes and furthering purchasing powers where people live, world poverty will continue to alarm even as many are becoming rich.

There are no apparent justifications for Africa, a continent that supplies a third of the world’s critical resources needed to run many corporations, to remain poor. It is due to IOUs issued to African nations in lieu of revenue from their natural resources whose pricing is manipulated by western institutions. Due to this stranglehold which is soft but has dire consequences, Africa never emerges.

The notion of “it takes a village to raise a child" is false because the global village recognizes that as long as no one in particular is responsible for the child, the child will never grow up.

The solution? Africa has to be defiant to the prescriptions of WB, IMF, UN, EU, China - and claim to raise her child using her own means.

My mom used to say that since the village did not impregnate her, she would not allow the village to raise her child, as the responsibility was primarily hers. No one can defeat such profound and possessive sense of responsibility.

It is unfortunate that even the African Union is clueless on the mechanism of money. Five per cent of IMF SDR for Africa is $33.5b for 54 odd nations meaning technically, no nation gets a $1b.

If Africa patiently created a fund that is sensitive to its needs, it can develop a monetary source that is bigger than what IMF, World Bank, can channel.

Since no African nation Treasury is capable and robust to back AfrEXIM and African Development Bank, these institutions are handicapped to facilitate development in Africa. They instead seek to be conduits for foreign money which comes at a cost.

The solution is an Africa CentriFund developed via subscriptions, majority coming from Africans, if they have a desire to control their development and growth.

The notion of "those who pay the piper dictate the tone" is very evident in financial institutions. They the payers tell the pipers the tone to play on terms and conditions they often cannot counter - stranglehold.

Africa is not a referee in the game they are invited to play, therefore, they must conform or get kicked out. Take it or leave it, the African Union is a barking dog that cannot bite since it has no teeth.

Ones owns their development when they own their money. Africa must create financial instruments that can be subscribed to in order to be an effective alternative to foreign vulture money that takes advantage and preys on Africa.

A beggar continent like Africa will always catch the rear because it has not reputable financial institutions that can play on the global market and stage - in a manner to be a significant alternative.

The world is an animal kingdom - survival of the fittest by design and/or default. If you make yourself a doormat - expect to be stepped on.

By Ejike E. Okpa

Global Affairs Analyst

Dallas Texas.