Africa is the largest continent of black people with rich cultural and economic potential. Despite our leadership weakness we still maintain a high level of pride in the history of the world. Africa is blessed with abundant human and material resources mostly underutilized by our leaders in power
Agricultural is the main stay of the economy in most African nations before colonisation.
Land in most part of Africa is fertile and can sustain high level of production.. Even though most Africa states operate less mechanized agriculture but the revenue generated from that sector was huge and were judiciously used to pilot the the economic potentials of nation and successfully feed their people without depending on foreign aid from other country. Even though they practice subsistence farming they are never too weak in meeting the need of their people. We can remember in Nigeria the groundnut pyramid in Kano, the Cocoa production in western Nigeria, cashew production, coffee, cotton etc which were used to provide free education and infrastructures then. lt would be recalled that some of our palm fruits produced in the middle belt were stolen to countries like Malaysia where they strife well and become their major exporting product. By extension Africa support the growth of other economy of other continent
Politically Africa has a granded political structure before been colonies. Our practice in the act of governance was unique and embodied check and balance giving no room for lawlessness, crime and abuse of power.
Power and it’s authority was never centralized but shared and well organised to address issues of concern. At community level it is well stratified and each operates within the level of it’s authority. No wonder Walter Rodney (1972) in his scholarly book tittled ” How Europe Underdeveloped Africa describes how Africa was deliberately exploited and underdeveloped by European colonial regimes. One of his main arg?uments throughout the book is that Africa developed Europe at the same rate as Europe underdeveloped Africa.
Unfortunately, today many nations in Africa have to depend on other countries like China, America, etc to survive. What a social malady? Many Africa States are doing well before their independence but no sooner especially with weak leadership that resulted in down turn of their economic potential. A country that obtains loans from the World Bank, for example, must agree to adjust its economic structure, liberalize its economy, and increase its international financial accountability. Moreover, paying off the debt from loans often leads to balance-of-payments difficulties for the recipient, further sustaining and deepening its economic dependency.Sri Lanka agreed to hand over a port to China to help pay down its debts
Poorer nations are lured by China’s offers of cheap loans for transformative infrastructure projects.
Then, when these countries are unable to keep up with their repayments, Beijing can demand concessions or other advantages in exchange for debt relief.
We are economically improvised and living at the mercy of another continent. Most African nations depend on countries like China. China has become the world’s largest creditor to African countries. We may ask why are African countries becoming a free fertile ground for China.? There are four reasons.
First, China is overpopulated with almost two billion people. America has over 500 million people. Because of the huge population, they saw African states as fertile grounds to sell their excess products. That underscores their marketing matrix focusing on Africa.
Secondly, they exploit our human resources to build their industries and companies in Africa They took advantage of our available cheap labor to exploit Africa. African states have no minimum wages for labor, especially in the private sector. They underpay our people for services rendered in building their companies and industries. That payment is never commiserated to the once paid to their workforce in their respective countries.
A third reason could be attributed to their interest to take over all the mineral resources of African states. China gives aid to the African nations with the sole aim of taking over the economic resources of such countries after a given time frame of default of payment of such loans. According to research there are about 165 countries that got loans and have depth with china. Some have reschedule their depth while others who could not pay back gave out their assets such as airports, landed properties and mortgage the apparatus of government to allow free operation of the creditor in that country. They will start to acquire your land, and economic potential and later take over the government of such a nation. Uganda, Srilanka, Ethiopia etc were good examples of China taking over the land assets and resources of poor nations. China took over the international airport at Entebbe Kampala, Uganda due to its failure to repay the loan it got from China. Kenya and Ethiopia enjoy huge facilities from China and today the Chinese government has taken over their major economic resources.
Lastly, China wants African nations to depend on them economically socially and culturally, and intellectually. China is no distance time will colonies many Africa nations just like what America did to many countries. China offers concessional loans for large-scale infrastructure projects with this spirit in mind.
The moment there receiptant of their loans fail to pay them back, Beijing will start making demands. lt is against. this background we have to warn our African leaders and government to stop selling out to China. Foreign dependency generally fosters underdevelopment in the dependent country; a country’s adoption of policies tailored to the interests of a stronger country may inhibit the weaker country’s domestic growth, speed environmental destruction, or create temporary growth that precludes sustainable development We have enough resources untapped that can generate enough money to meet our industrialization and development of infrastructures without recourse to seek loans f. while we bank on the oil sector to generate our revenue our leaders should think outside the box by exploring other none oil sectors like agriculture, mining, and other resources that will generate sustainable revenue in Africa nations
Many developing countries have been grappling with structural vulnerabilities such as persistent social and economic inequalities, conflict and forced displacement, declining trust in government, the impacts of climate change, and environmental fragility.
These have negative consequences on our economic development in Africa. For us to move forward we must critically carry out social analysis with a view to identify the immediate and remote causes of what is responsible for our predicament. With that base line data we design a model that will foster our economic growth. In the heat of the financial crisis a decade ago, leaders of G20 countries pledged to build a more balanced and sustainable growth model that embodied lessons from the economic imbalances and policy mistakes of the past. The world has since made little progress toward realizing this goal. But the path it must take is clear: sustained, increased investment in people’s capabilities, purchasing power, and job opportunities
Africa countries should increase public and private investment in their citizens’ capabilities, which is the most important way they can durably lift their rate of productivity growth. This write up therefore called on Africa countries to build a universal framework to support lifelong learning – including stronger and better-financed labor-market training and adjustment policies, expanded public employment services, and a universal social-protection floor..
Development Goals could generate $12 trillion of market opportunities in four areas alone – food and agriculture, cities, energy and materials, and health and wellbeing – and create up to 380 million jobs by 2030. Capitalizing on these possibilities could help countries to reduce leading and compensate for the labor-displacing and potentially demand-suppressing effects of automation and economic integration.
These steps constitute a strategy for all countries, regardless of their level of economic development, to strengthen both social justice and economic growth – and, by extension, public faith in political institutions
Donors should meet official targets and allocate a higher proportion of aid to graduating countries toward building productive capacities. For all LDCs, new forms of financing need to be approached carefully and strategically. Help with growing public revenues is a bigger priority. Debts should be cancelled during crises as big as the current one; not just interest payments suspended
Other steps which could help promote consumer and business spending and prosperity. Banks, for example, lend money to companies and consumers. As businesses have access to credit, they might finance a new production facility, buy a new fleet of trucks, or start a new product line or service. The spending and business investments, in turn, have positive effects on the companies involved. However, the growth also extends to those doing business with the companies, including in the above example, the bank employees and the truck manufacturer.Africa Trade Organisation should be established with special and differential treatment (SDT) for LDCs, while useful, could be strengthened. Some types of SDT have already run out or will soon do so, and could be extended.
There are other positive measures that when put in place will reduce the dependency of Africa nations to foreign aids or loans
ln conclusion Africa nations and their leaders must take a bold step to reposition Africa for greater glory. The leadership should reason outside the box .As the saying goes he who go a borrowing is also sorrowing.
by Samuel Atumiye Shiaka, FCAI.
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