By ; BAM A



About 90% percent of the world’s cocoa is produced by ivory coast, Nigeria, Ghana, Cameron and Brazil. All are developing countries of and former European colonies. All those countries, combined earn annually a total of US$ billion from their cocoa sales to the industrialized nations.The added value cost to the industrialized nations another US$ billion costing the industrialized nations a total of US$4 billion. What is the annual gross of earning by the industrialized nations from their US$ 4 billion investment? Answer:$60 billion. A profit of $56 billion yearly from an investment of $4 billion! not too bad? Is it? Immediately, Frederick Lugard effected the amalgamation of the northern and southern Nigeria in 1914, the first that followed in 1914 was the enactment of the mineral oil ordinance 1914 which invested all the minerals in Nigeria in the British crown, not in Nigeria for Nigerians. God bless the Queen! Indeed God has continually blessed the Queen. Nigeria will never know the value of minerals, disclosed and undeclared, taken away from the plateau state over the years. The Ghanaian cedi used to be two to one USA dollar, but today the cedi is 8000 cedis to one dollars.

Thanks to the almighty IMF and the World Bank what happened to Ghana? The world bank and IMF advised Ghana to privatise the Ashanti Gold Mines. Ghana greatest national asset and that all Ghana’s economic problem will be solved. She was advised to offload about 80 percent of the shares mostly to foreign interest. Ghana promptly obeyed. Ghana retained about 20 percent of the shares and received $350 million from the sale. During the first year of privatisation the Ashanti Gold Mines sold gold worth $1.2 billion. But when the British petroleum BP, was privatised, kuwait bought 22 percent of the share, but the British government rightly forced Kuwait to offload and sell 12 percent and retain only 12 percent on the ground that BP, is too important to the British economy for the foreign interest to hold 22% in it.

In terms of need, the Ashanti Gold Mines is more important to Ghana than the BP is to Britain. The price of cocoa is the unspoken root cause of the current political instability in Cote d’ivoire. France want wants cheaper cocoa. The ivory coast government and cocoa farmer refused to cooperate. That refusal provoked the overthrow engineered from abroad of the ivory coast government. Thereafter the foreign coca importers had their way…The Ivory coast lost out. If the truth must be told, the slave trade is indeed abolished but slavery is alive and kicking in Africa.

NOTE:I may not know what constitute ethical violation at AFDB management, neither did i have a full detail of what Dr Adesina allegedly did wrong, I watched the video where Dr Adesina comment on Agriculture in Africa and what not, definitely “these guys” would not be happy with such comment. Unlikely he may not get the second term for many reasons, borrowers are slaves to lenders, also our francophone brothers are perpetual slaves to Paris. Weeks ago World Bank made a negative comment on how AFSB gave loans to Africa States. World Bank and Unites States are inseparable twins. I have been a Returnee of world bank and IMF board of governors meeting since 2012, one thing I know is that World Bank demand from others what is lacking in the institution operation. “Transparency” corruption us every where in the bank .The CSOs across the world who are Returnees always remind them of these cancerous ailments affecting the Bank group.

Olufemi Aduwo, gave this TALK at Junior Chamber International Quarterly public lecture held at Metropolitan club, Victoria island, Friday, March 9, 2001.
President, Rights monitoring group and Centre for Convention on Democratic Integrity (RMG and CCDI) and Permanent Representative of CCDI to the United Nation.

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