The late Libyan leader supported independence and national liberation movements right across the world, including groups such as the Palestine Liberation Organization, the Irish Republican Army, the Black Panther Party, and many more. In the 1970s, he tried to merge Libya with Egypt and Syria to form a unified Arab state. In 2009, he proposed that African nations adopt a single currency: the gold dinar. The Libyan Central Bank, which was 100% state-owned, had reserves of 144 tons of gold that he intended to use for this purpose. Gaddafi proposed that African countries buy and sell their resources exclusively in this new pan-African currency. This would enable them to transition away from the US dollar and the Central Africa (CFA) franc – a colonial currency used in 14 countries and controlled entirely by France.
This was Gaddafi’s biggest sin. In wanting African nations to adopt a single currency, to control their own resources and have true independence, he posed a threat to Western monetary hegemony, so he had to go.
Western governments were well aware of this plan. A look at the emails of then-US Secretary of State Hillary Clinton, show discussions around Gaddafi’s gold reserves and his plans for a single currency. It became clear to the West that African countries switching away from the US dollar or CFA franc, and controlling their own currency and monetary policy, would undermine American and French influence over Africa. It would weaken the Western monopoly over African resources and the international banking system, rendering neo-colonial institutions such as the International Monetary Fund less effective in manipulating developing nations.
Not that we needed further confirmation; but written clearly in those emails was evidence that this plan to provide an alternative to the CFA franc “was one of the factors that influenced President Nicolas Sarkozy’s decision to commit France to the attack on Libya.”
Sarkozy decided to bomb Libya because he knew full well that West African and Central African countries abandoning the CFA franc would minimise France’s sphere of influence over its ‘former’ African colonies and fulfil its “desire to gain a greater share of Libya oil production” – that is, plunder Libya’s wealth.
Gaddafi foresaw this in 2011, when he said, “There is a conspiracy to control Libyan oil and to control Libyan land, to colonize Libya once again.”
-- Richard Medhurst, "The Killing of Gaddafi 10 Years ago has Resulted in the Death of the Nation of Libya and the Destruction of its People" (BLACK AGENDA REPORT).