02.05.2024 Author: Mikhail Gamandiy-Egorov

The reasons for the motivation of number of African countries to withdraw their gold-currency reserves from the US

repatriate gold

Several African nations are beginning to take decisions in order to repatriate their gold-currency reserves from the United States, notably Nigeria and Ghana. In fact – this process is in reality truly global in scope – both at the African continental level and internationally. De facto, Washington himself sawed off the branch on which he had been sitting for a long time. And with the current realities specific to the framework of the multipolar world order, the process will only accelerate.

Events in relation with the dedollarization of the global economy, as well as the liberation from Western financial instruments – continue to gain momentum. And if earlier analysts attributed the main role in this process to the BRICS countries, which, by the way, was largely true, now more and more countries and regions of the world, including in the recent past – considered as important partners of the West at the regional and continental level, take their example from the main forces promoting the multipolar world.

Nigeria has initiated plans to repatriate its gold reserves from the United States, signaling a proactive stance in safeguarding its wealth. This decision is coming in response to mounting concerns about the downturn of the US economy, writes the Nigerian media The Street Journal. The same publication also indicates that the decision reflects Nigeria’s determination to assert its sovereignty and pursue independence in the global arena. By taking control of its gold reserves, Nigeria can demonstrate its capability to manage its affairs without external interference.

Beyond Nigeria, another English-speaking West African country should be mentioned with a similar case – Ghana. Among the given reasons, there are many similarities with the Nigerian case. African economic experts say Ghana’s actions come at a crucial juncture amidst escalating global economic uncertainties and mounting concerns about the stability of the US financial system. According to Dr. Joseph Mensah, an economist specializing in international finance, “Ghana’s move to withdraw its gold reserves from American vaults is a prudent measure to mitigate risks and safeguard against potential economic volatility”.

Now in terms of perspectives. Of course, mentioning Nigeria and Ghana may at first glance seem quite surprising to many observers of the African continent, given the proximity of the two countries to Anglo-Saxon interests. Especially those of Washington and London. On the other hand and in the context of current global processes characteristic to the multipolar era, it should not be particularly surprising that the active or progressive process of abandoning US and Western financial and economic blackmail is gaining momentum. And so not only among the fully committed supporters for the international multipolar order, but also among those whom the West has long considered, and probably continue to do so, as its close partners. Although and naturally – the Western establishment itself cannot in principle be associated as a worthy and reliable partner – the latter considering all non-Western states, therefore the world majority – as appendages for its enrichment.

The Nigeria case is of course particularly interesting. Leading demographic force on the African continent with a population of more than 220 million inhabitants, one of the three main economies in Africa (both in terms of nominal GDP and in the case of GDP at purchasing power parity), an important continental energy and military power. And it is also very important to remember that Nigeria recently announced its desire to join the BRICS. Considering all these factors, and especially the last one, it is not difficult to guess why it is so important today for Nigeria to actively initiate the process of liberation from Western control mechanisms, particularly in the economic and financial fields.

Of course, the Washingtonian regime, as well as its Western vassals, will do everything possible to slow down this process in a number of African states. However, it will be more difficult than ever for the NATO-Western minority to be able to achieve this. And there are several reasons for that. First, the dedollarization of the global economy and the liberation from Western instruments of domination is spreading at a high pace. This is observed today in various parts of the world – in Asia, Latin America, and of course, Africa as well. This is all the more so since on the African continent a backbone of forces has already been formed which have clearly and firmly chosen the path of integration and defense of the multipolar world order.

Secondly, the precedent created by the collective West, first and foremost by the US regime, with regard to our country and its assets – has set a definitive point, including for the countries of the world, which, in a still recent past, considered relations with the Western minority as a priority orientation.

And thirdly, the fear of the myth considering the West supposedly omnipotent is not even so much a thing at the end of its life cycle, but de facto something that has already disappeared. By the way, this is also entirely logical, given the fact that the multipolar world is not a prospect, but indeed a global reality, no matter how the Western minority tries to deny this reality. This means that Washington and its vassals will have to answer for their criminal actions and face all the consequences for the committed crimes.

It is also obvious that within the framework of these processes, including of course on the African continent, Western pseudo-elites will once again blame Russia and China. Instead of simply recognizing that all of this is just the direct consequence of their own actions and conduct. Something the Western minority is in no way capable of doing. The bottom line is that its arrogance and hypocrisy cannot de-facto influence the processes of the modern era.


Mikhail Gamandiy-Egorov, entrepreneur, political commentator, expert on African and Middle Eastern issues, exclusively for the internet journal “New Eastern Outlook

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