Neo-Colonialism: The Last Stage of Imperialism

Congo became independent on June 30th, 1960. This process, Nkrumah suggests, will “be regarded by historians as the most stormy and complex chapter in that country’s, and for that matter Africa’s, history” (212). During the political upheaval, Moise Tshombe—assisted by Belgian advisors—led the secession of the Katanga Province, causing the newly-independent Republic of Congo to be frustrated by unrest and disorder.

During this period, the Pan-Africanist leader Patrice Lumumba was killed by secessionists with the help of Belgian partisans. This story is well-known, Nkrumah suggests, but the economic aspects of this period of history are less well-documented. Pre-1960, American investment in Congo was largely indirect. Since 1960, investment has grown and become more direct.

In addition to the American investment, Nkrumah is concerned by “the continuing Belgian domination of so much of the Congo’s economy” (214). As well as a broad portfolio of investments, the pre-independence Belgian government had the prerogatives to appoint representatives to many administrative boards of great consequence. The investment portfolio gave them great influence and control over the Congolese economy. As June 1960 approached, these trusts moved to prevent their portfolio from falling into the hands of the Congolese people.

The Congolese demand to have their portfolio ceded to the newly- independent republic frightened Belgian financial powers.