What many analysts ignore is the fact that in every $100 dollars Africa generate $80 disappear in the SWIFT system.
According to the Economic Development in Africa Report 2020 by the UN Conference on Trade and Development (UNCTAD), Africa loses about US$88.6 billion, 3.7 per cent of its gross domestic product (GDP), annually in illicit financial flows.
Here’s what people don’t want to talk about, Mali and Central Africa, despite sanctions are showing signs of recovery, illicit capital flight has largely Been contained,. Russia does not care about racial privilege, criminals are treated as criminals irrespective of race.
Cameroon and many other African countries have looked at the numbers, China is Africa’s largest trading partner, and last year’s growth strengthens this position. The value of trade between Africa and China rose by 35% from 2020 to $254 billion last year, mainly due to an increase in Chinese exports to the continent.
Cameroon, Mali, Burkina Faso and Central Africa Republic wants the West to block them from the SWIFT system, Russia will fill the gap and extended the MIR.
Mir is a Russian payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017.
The system is operated by the Russian National Card Payment System, a wholly owned subsidiary of the Central Bank of Russia.
Mir does not itself issue cards, extend credit or set rates and fees for consumers; rather, Mir provides financial institutions with Mir-branded payment products that they then use to offer credit, debit, or other programs to their customers.
The development and implementation of Mir was spurred by the imposition of international sanctions against Russia in 2014 to circumnavigate the reliance on the likes of Visa and Mastercard.
African countries are commodity rich, these regions are poor because the West exploits them.Russia is supporting West African states to decolonise there economies. Any noises from the West is irrelevant.
Russia will defend these states from Libya type onslaught, Russia is determined to push foreign malign activity out of the continent.
Cameroon will not be the last country to sever ties with the West, Africa doesn’t need Western markets to develop,China has open a pathway for the continent to develop,;
According to Xi’s statement, China aims to increase its imports from Africa to a total of $300 billion in the next three years. China’s imports from Africa in 2020 were $72.7 billion. At this rate, such imports will have to expand by 27.3 percent to hit the target, which is a fairly ambitious number.
Within the next five years trade in Africa will be dorminated by the Chinese, Europe will be pushed out, and it will be Africa’s doing, as a way of dismantling western chokehold on the economies and security of Africa.