Qaddafi was a spoiler in the area of international or global capital and banking. Many of his AU projects he helped to fund were aimed at the West’s economic grip on Afrika. In 1992, 45 Afrikan nations established Regional African Satellite Communication Organization (RASCOM) to provide Afrika with its own satellite and cut communication costs throughout the continent. Westerners charged an annual fee of $500 million (US) to use their satellites. The cost for Afrika to buy their own satellite was a onetime payment of $400 million but no Western bank would finance it—not the World Bank, the International Monetary Fund, a US bank or a European bank. In the end, Libya bankrolled the satellite, providing the lion’s share of $300 million. The African Development Bank gave $50 million and the West African Development Bank supplied the remaining $27 million – and Africa purchased its first communications satellite in 2007. Because of Qaddafi, the entire continent is connected via telephone, television, radio broadcasting and several other technological applications. Libya cost the West, by not just depriving it of $500-million per year but the billions of dollars in debt and interest that the initial loan would have generated.
Libya maintains public ownership of its own central bank, and the authority to create its own national money. It also worked assiduously to develop financial independence for the continent, to establish an Afrikan banking system and other technologies that would assist Afrikan development. To finance Afrikan development bypassing the World Bank, and International Monetary Fund, which has a capitalization fund of $25 billion, the Libya Central Bank had earmarked $30 billion as the Libyan contribution to three key banking projects of the AU: the African Investment Bank in Syrte, Libya; the African Monetary Fund, in Yaounde, Cameroon, with $42 billion a capitalization fund; and the African Central Bank in Abuja, Nigeria which was to print Afrikan money backed by the gold dinar. This would have replaced the CFA franc printed in Paris, through which France has been able to maintain its economic hold on a number of Afrikan nations.
In 1986, Qaddafi held a conference stressing the need for Arab and Afrikan nations to use a single currency. In 2000, he held another conference stressing that Afrikan nations should establish a gold standard. He further argued that the continent should adopt a single currency and that Afrikan and Arab nations reject oil payments in dollars and euros and demand the gold dinar, a new currency he intended to the foundation of the banking system for the United States of Afrika. Even in the months leading up to the military intervention, he called on Afrikan and Muslim nations to join together to create this new currency that would rival the dollar and euro. It was an idea that would have shifted the economic balance of power between the West and Afrika. A country’s wealth would depend on how much gold it had and not how many dollars or euros it printed and traded. And Libya has 144 tons of gold, not to mention that Afrika is still the land of gold. The introduction of the gold dinar would have had serious consequences for the world financial system, and would have kick started the United States of Afrika as a potential economic and banking giant. This is something the West could not afford to let happen. Libya is clearly an impedance to the interests of the US and the former colonial powers in Afrika. Qaddafi’s efforts were to use Pan-Afrikanism to industrialize Afrika and transform it into a powerful political entity in the newly emerging world order. For the West, Qaddafi was a spoiler and represented a grave threat in the area of international or global capital and banking. His initiatives conflicted with the interests of the US and the major EU countries. In this regard, Qaddaffi had to be eliminated.