Articles tagged IMF
by Sanou Mbaye
The nations of sub-Saharan Africa, in the post-independence euphoria of the 1960s, wanted to end the international division of labour under which they exported raw materials and imported manufactured goods. They diversified their More >
DAKAR – France is wrestling with a burden of debts and public deficits that led Standard & Poor’s recently to downgrade its credit rating. Even as the risk of recession looms, the country has been forced to implement a drastic austerity program. But France’s woes are also being felt far beyond its borders, sparking rumors of a possible devaluation of the CFA franc, More >
France’s unchallenged political, economic, and military domination of its former sub-Saharan African colonies is rooted in a currency, the CFA franc. Created in 1948 to help France control the destiny of its colonies, fourteen countries–Benin, Burkina-Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea, Bissau Guinea, and More >
The African Union, which replaced the Organization for African Unity (OAU) in 2002, is trying to reproduce the European Union’s institutions and ways of acting. But copying the EU blueprint means that nothing has been learned from the past and that nothing is being done to avoid the pitfalls Europe has endured.
The biggest flaw in the EU model has been its reliance on a bureaucratic road to More >
NEPAD, the last plan to kick-start Africa’s economic development adopted by the OAU in Lusaka (Zambia) on July, 11, 2001, is articulated around investment in the key sectors of infrastructure, agriculture, health and education. The plan is to be financed by the international community and through private capital flows, mainly from the multinationals. In choosing this way of financing their More >
The former sub-Saharan French colonies did not have to fight for their independence. De Gaulle, then President of France, granted it to them. These countries undertook immediately to dismantle the federal structure in which they were operating and erected trade barriers between them.
Paradoxically, they kept the CFA as their common currency. They surrendered the management of 65% of their foreign More >
Marxist economics made the withering away of the state its ultimate goal. However, it is the unabated liberalisation of the world economy, which is translating the old socialist dream into a disquieting reality. It needed the combination of three ingredients to make this twist of history possible.
First, there was Nixon’s decision in 1972-73 to end the dollar-gold link, which led to the official More >
On the political front, the agreement between the government and two opposition parties to form a coalition government has brought More >