08/09/2024
NO PROGRESS VISIBLE IN AFRICA, ONLY STAGNATION.
08/09/2024
China has just pledged more funds for Africa. More funds for African countries to borrow. This was announced at the just ended China - Africa Cooperation Summit.
But is this what Africa needs? Is that the solution we need to our perennial problems?
Africans will always argue and fight over the causes of economic problems on Africa. Governments always blame everyone else except themselves. They wont look at the core problems. Politicians plunder the nations' wealth through various forms of corruption, and run to China, IMF and other multilateral institutions for debt when squeezed. At present Africa's external debts stands at $1.1 trillion. A sizeable chunk of that is owed to China.
Many economists agree that that this is a dire situation. Africa needs help. After listening to Africa's pleas, China has stepped in to help. But what have they brought? More debt! China has just announced it is setting aside $60 billion for loans and investment in Africa.
As always African governments will stumble over each other in an attempt to secure the debt. But is that the solution we need.
I feel we are still missing the opportunities we need to develop our continent. It is foolhardy to think that the West or China have African interests at heart. Whatever decisions China or the West make, are designed to benefit their countries and their people. That's why their economies are so huge now, and ours are still tiny.
Wake up Africa. The solution is not in China or in the West. The solution is with us, we have to start by changing the way we are running things. The whole outlook of our policies and how we implement them. Lets refocus and concentrate more on extracting and processing our resources here on our continent. Lets stop plundering and misusing funds from our gold, diamonds, cobalt, uranium, lithium and graphite mines. And indeed funds from taxes. Governments have to be accountable to the people.
In short if we change ourselves and become more ethical, honest and unselfish, this continent will develop. Believe me.
(Written by Charles Duncan)
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