the time is now that we must begin to ensure that we deolorize our economy the Americans don't want
to hear this that we must begin to de-dolarize our economies welcome to the African leadership Series
where we bring you great inspirational speeches of African leaders [Applause]
in 1963 on the 25th day of May to be exact
but if two heads of states and government gather need Addis Ababa Ethiopia
and I urge you to read the speech delivered by Kwame nkrumah exalting the leaders of the day
let us not live here without a single Central Bank he said
let us not live here without a single currency let us not live here with us without a single
policy on matters Finance because if we don't the Independence that we are
talking about will mean nothing will have received the the crown without the jewel
and indeed we received the crown that we call political independence without the jewel that
is economic independence in his book The Bad Samaritan appears to make prescriptions which
I think are commendable he says that if you look at the history of all the countries in the West
at critical times in their growth they did certain things that immunized them from external vagaris
do we do so in Africa no we don't if you look at China which is now rising and India which are now
Rising they ring fenced a few things for their own benefit do we in Africa do so no we don't
if you look at the emerging Arab countries which you now see the miratas or the bahrainis
of Brunei darussalam you can see they do that if you look at little Singapore they are doing that
do we no we don't we still wait for the almighty IMF
to tell us things and then we say oh Almighty IMF and World Bank we have heard you
when I am f leas sneezes our economies goes into a coma
when we want to test our economies who do we go to Moody's depending on how moody moodies are
our economies are equally Moody when we want to measure our economies which indices do we use GDP
ladies and gentlemen the time is now therefore
for us to begin to assess what it is that we must do as I conclude
and I'm suggesting that the time is now for African central banks to begin to work intimately
with organizations such as sadak initially with organizations such as East African Community or
ecowas for the purpose of beginning to harmonize our economies and having regulatory Frameworks
that enable trade to happen in a seamless way the time is now for African central banks to begin to
work closely with the African Union under the Aegis of the Africa agenda 2063 as a necessary
facilitator to Africa Continental free trade area that we must begin to do things that are going
to inform the African agenda within the African economic and financial ecosystem the time is now
that we must begin to ensure that we redolorize our economy the Americans don't want to hear this
that we must begin to de-dolarize our economies because as long as our economies are dollarized
it means that the externalities are affecting our very being right now in Kenya if you want
dollars they can't give you more than five thousand dollars the same in Ghana
and when we do that whichever currency we create will stand Toe to Toe with the American dollar
then you will talk about trade the time is now that we must begin to interrogate
the role of banks which were meant to be part Africa such as the African Development Bank
I know many of you now know the second largest investor in the American the
African Development Bank paradoxically and ironically is the United States of America
and the other one of course is Japan African Development Bank
during the appointment of the Alaska the
Americans even wanted to veto his appointment African development
institutions such as the African development Mark must now be made to
be true African Development Bank that relates with other Banks from a position of strength
if we do so ladies and gentlemen then the Central Banking that you are talking about
will be Central Banking that informs the African environment let us not wait for Europe and America
to give us terminologies in the financial sector had it being said kyc know your customer if
tomorrow Europe and America comes up with another acronym you'll now begin to change I'm suggesting
that we must begin to chant out some of these terms that are relevant to our own circumstances
was right 60 years ago when he said if you are not economically and financially independent
then the independence you are talking about is of no value he was right when he said that Africa
will only be truly independent if she controls our resources and our banking sectors he was
right when he said that Africans must harmonize their financial policy he was right when he said
that Africa will only begin to be respected if her finances are controlled by her he was
right when he said that in financial relations in the world the rule is still the law of the jungle
survival of the fittest and the dying of the least suitable ladies and gentlemen I beg to stop in the
knowledge that I have annoyed and irritated you sufficiently so that you may ask such questions
as are necessary I know they will want to control me but I want to be asked questions
so with that said this was been my kimushi please make sure to like subscribe and hit
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with that said this has been making mushy and always remember Africa is watching [Music]
foreign