Economic and Monetary Sovereignity in West Africa
Our research group investigates how West African societies have attempted to increase their political and economic sovereignty with a particular focus on the interaction between governments, finance and labor.
About the group
The research group led by Dr. habil. Kai Koddenbrock, investigates historically and in comparative fashion how West African societies have attempted to increase their political and economic sovereignty with a particular focus on the interaction between governments, finance and labor. The group will attempt to find out historically how most West African countries became exporters of only one or two commodities with the help of foreign capital and military force. In the second step we will focus on how postcolonial, newly independent governments have attempted to move away from this with the help of domestic resources, the creation of public and private banks, foreign debt and, most recently, stronger relations to China since independence. Increasing economic complexity, diversifying the economy and thus to reduce dependencies on the world market have been perennial pursuits but have often failed. The Covid crisis has put this into stark relief, again. How can we explain recurrent debt crises and the difficulties in moving away from raw commodity export dependency? Which role do global and domestic social relations play and what does that mean for the state in West Africa? To find answers to these questions we investigate the role of colonial legacies and the various attempts by governments to increase national self-determination through public policies to arrive at a nuanced picture of what can be done in the current global political economy.
Ghana, like most other countries, is currently dealing with a new debt crisis that has been blamed on covid-induced spending and the fallout from the Russia-Ukraine war. Isaac Abotebuno Akolgo Spoke with Lev Moscow of the A Correction podcast, arguing that far from Covid and Russia-Ukraine, the unfolding debt storm is rooted in historical, systemic and structural problems.
Capital Claims: Power and Global Finance analyzes how global financialized capitalism operates and reproduces itself, exploring the remarkable ability of the financial sector to maintain its dominance through even the most severe economic crises.
The book defines international financialization as a process by which the number and value, the tradability, and the enforceability of cross-border financial claims increases and is successfully defended against competing social or political agendas. By focusing on financial claims, the volume develops a conceptual toolkit for the study of the political economy of global finance and the inequalities it sustains. The book brings together leading researchers whose work is geared towards opening the black box of cross-border finance. The authors suggest shifting the analytical focus from capital flows to capital claims – credit-debt relations between identifiable actors, embedded in social and political institutions, and infused with power and hierarchy. They show how financial actors wield leverage power, infrastructural power, and enforcement power, both vis-à-vis other private actors and vis-à-vis the state.
Braun, B., and K. Koddenbrock (Eds.), 2022, Capital Claims: Power and Global Finance (1st ed.), Routledge, https://doi.org/10.4324/9781003218487
Despite a varied picture in terms of their relative economic strength, Developing and Emerging Economies (DEEs) remain in a subordinate position in the global monetary and financial system. While the IPE and economics literatures provide rich insights about the significance of this phenomenon, research efforts remain fragmented. To address this problem, we offer an umbrella concept—international financial subordination (IFS)—to channel research efforts towards cumulative theory-building. IFS is about unearthing why the structural power of finance takes a particularly violent form of expression in DEEs. To provide structure to IFS as a scholarly field, we first assess the contributions of IPE in analyzing various factors that reproduce IFS. To better ground these efforts in processes of accumulation and the histories of the relation between finance and (post)colonial development, we then offer a critical synthesis of three heterodox traditions—dependency theory, post-Keynesian economics, and Marxism. Next, we develop a pluridisciplinary research agenda organized around six analytical axes: the historical analysis of financial relations, the relations between financial and productive subordinations, the constitutive role of monetary relations as expressions of power, the role of the state, the actions and practices of non-state actors, and the spatial relations of financial subordination.
The discipline of international relations has undergone a focus on medium-range theories and analyses. This consensus followed decades of self-assurance in the postwar period and the highly politicized 1970s. In view of the obviously conflictive struggle for global power and global relations of dependence, macro-theoretical perspectives that attempt to grasp the interplay of inner-societal and world-societal processes in political-economic terms are gaining in relevance. Using two examples of German foreign and foreign economic policy and the history of relations between Europe and Senegal, the article illustrates how such a political-economic analysis can be made fruitful for study of IR.
Koddenbrock, Kai, 2022, Die Relevanz der deutschen Internationalen Beziehungen und die Notwendigkeit polit-ökonomischer Konfliktanalyse, In: Bergem, W. and H. Schöne (eds.) Wie relevant ist die Politikwissenschaft?, Wiesbaden: Springer VS.
This briefing explains Ghana’s recent banking sector failures and renewed debt crisis as consequences of its uneven and deleterious integration into the global capitalist financial system, a situation that critical scholars in international political economy call international financial subordination.
Over forty years after the formal end of colonialism, suffocating ties to Western financial systems continue to prevent African countries from achieving any meaningful monetary sovereignty. Economic and Monetary Sovereignty in 21st Century Africa traces the recent history of African monetary and financial dependencies, looking at the ways African nations are resisting colonial legacies. Using a comparative, multi-disciplinary approach, the book uncovers what went wrong after the Pan-African approaches that defined the early stages of independence, and how most African economies fell into the firm grip of the IMF, World Bank, and the EU’s strict neoliberal policies.
The collection is the first to offer a wide-ranging, comparative and historical look at how African societies have attempted to increase their policy influence and move beyond neoliberal orthodoxy and US-dollar dependency. Economic and Monetary Sovereignty in 21st Century Africa is essential reading for anyone interested in the African quest for self-determination in a turbulent world of recurring economic and financial crisis.
Ben Ghada, M., Kaboub, F., Koddenbrock, K., I. Mahmoud and N. S. Sylla, 2021, “African monetary and economic sovereignty in the 21st century”, Pluto Books, London.
Research Group Leader
Isaac Abotebuno Akolgo
Hanna Estephan Eid
Fawziyya Suglo Kartu Issah
Wageningen University, NL
Ingrid Harvold Kvangraven
King's College, London
Ndongo Samba Sylla
Rosa Luxemburg Foundation, Dakar
- 2022, “Collapsing banks and the cost of finance capitalism in Ghana”, Review of African Political Economy, DOI: 10.1080/03056244.2022.2044300
- Akolgo, I. A., 2020, “Putting orthodox economics to the sword: Franklin Obeng-Odoom’s contribution “Property, Institutions and Social Stratification in Africa.””, Journal of African Political Economy and Development, 5(1), 70-75.
- Akolgo, I. A., 2018, “Afro-euphoria: Is Ghana’s economy an exception to the growth paradox?”, Review of African Political Economy, 45(155), 146-15.
- Akolgo, I. A., 2018, “Agenda 2030 in Africa: What the Millennium Development Goals Narrative Teaches about poverty eradication”, African Review of Economics and Finance, 10(1), 3-22.
- Ben Ghada, M., Kaboub, F., Koddenbrock, K., I. Mahmoud and N. S. Sylla, 2021, “African monetary and economic sovereignty in the 21st century”, Pluto Books, London.
- Bieling, H.-J., C. Coburger and P. Klösel, 2021, “Kapitalismusanalysen. Klassische und Neue Konzeptionen der Politischen Ökonomie”, Wochenschau Verlag, UTB.
- Coburger, C. 2021, “The West African CFA Franc Zone as a Double Monetary Union: Loss of Economic Competitiveness and Anti-Developmental Path-Dependencies”, in: Gadha, M. B., F. Kaboub, K. Koddenbrock, I. Mahmoud and N. S. Sylla (Ed.) Economic and Monetary Sovereignty in 21st Century Africa, Pluto Press.
- Coburger, C., P. Klösel, 2017, “Wider das Einheitsdenken. Plädoyer für mehr Pluralismus in der Wirtschaftswissenschaft“ (English translation: Fighting Homogeneous Thinking: Plea for More Pluralism in Economics), Blätter für Deutsche und Internationale Politik 7/17, pp. 99-104.
- Cornier, C., 2021, “Territoriale Autonomie – Sackgasse oder essenzielles Mittel zum Widerstand?”, Forschungsstelle für Radikalisierung gewaltsame Konflike, Fachhochschule Erfurt, Blog Post.
- Cornier, C., 2021, “Forschen als Outsider*in: Feldforschung im globalen Süden”, Forschungsstelle für Radikalisierung gewaltsame Konflike, Fachhochschule Erfurt, Blog Post.
- Cornier, C., 2020, “Kein Frieden am Pazifik”, Jungle World, Newspaper Article.
- Cornier, C., 2019, “Letter from Tumaco: Notes from the forgotten pearl of the Pacific.”, The Bogota Post, Newspaper Article.
- Eid, H.E., 2020, “Imperialism, PPE and Pandemic: Structural Crisis of the Capialist World-System”, Master Thesis.
- Koddenbrock, Kai, 2022, Die Relevanz der deutschen Internationalen Beziehungen und die Notwendigkeit polit-ökonomischer Konfliktanalyse, In: Bergem, W. and H. Schöne (eds.) Wie relevant ist die Politikwissenschaft?, Wiesbaden: Springer VS.
- Koddenbrock, K., 2020, “Hierarchical multiplicity in the international monetary system: from the slave trade to the Franc CFA in West Africa”, Globalizations, 17(3), 516-531.
- Koddenbrock, K., 2019, “Geld, Weltmarkt und monetäre Dependenz: Was uns die Franc CFA Zone über kapitalistisches Geld sagt“, PROKLA, 49 (194), 137-156.
- Koddenbrock, K., 2019, “Money and moneyness: thoughts on the nature and distributional power of the ‘backbone’ of capitalist political economy”, Journal of Cultural Economy, 12(2), 101-118.
- Koddenbrock, K., I. H. Kvangraven and N.S. Sylla, 2022, “Beyond financialization: The need for a longue durée understanding of finance in imperialism”, Cambridge Journal of Economics, Online first.
- Koddenbrock, K. and N. S. Sylla, 2019, “Towards a political economy of monetary dependency: The case of the Franc CFA zone in West Africa MaxPo Discussion paper”.
- Kvangraven, I. H., K. Koddenbrock and N. S. Sylla, 2021, “Financial subordination and uneven financialisation in 21st century Africa“, Community Development, 56(1): 119-140.
- Petry J., K. Koddenbrock and A. Nölke, 2021, State capitalism and capital markets: Comparing securities exchanges in emerging markets. Environment and Planning A: Economy and Space, Online first.
- Wang W., A. Gurgone, H. Martínez, M. C. Barbieri Góes, E. Gallo, Á. Kerényi, E. M. Turco, C. Coburger, P. D. S. Andrade, 2022. “COVID19, Mortality and Economic Losses: The Role of Policies and Structural Conditions”, Journal of Risk and Financial Management, 15(8): 354.
Dr. habil. Kai Koddenbrock
D – 95545 Bayreuth
Phone: +49 921-550-5441
© Copyright Politics of Money. Images provided by Unsplash. 2021