The main economic activity in this region is Foreign exchange and subsistence agriculture. Minerals, diamonds, and oil are also mined in West Africa in varying amounts. West Africa is home to a large number of independent nations that share similar economic characteristics with a rapidly growing population of poverty.
The slave trade has become even more important to the West African economy. Kings traded slaves for valuable goods such as horses from the Middle East and textiles and weapons from Europe. The trans-Saharan slave trade contributed to the strength of Ghana, Mali, and Songhai.
The slave trade had a devastating effect on Africa. The economic incentives for warlords and tribes to engage in the slave trade fostered an atmosphere of lawlessness and violence. Depopulation and the relentless fear of captivity made economic and agricultural development almost impossible in large parts of West Africa. became.
Foreign exchange is the exchange of one country's currency for another country's currency at the prevailing exchange rate. Let's take a closer look at the importance of FX. Different countries have different currencies. Forex exchanges one country's currency for another country's currency.
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