DAKAR – The slump in prices for Africa’s natural resources, which led to chronic deficits in the past, has been reversed. Consumption, fueled by huge Asian demand for African commodities, is on the rise across the continent. For much of Africa, this turn of events should mark a decisive break with endemic poverty. But, unless African leaders change their ways, it will … [Read more...] about The Slave Ethos and the African Economy
Economy
Africa’s Economic House Divided
DAKAR – The world economic downturn and financial-market tremors have strained budgets across Africa. With the exception of Ghana, and a few other states, in 2009 most African countries’ fiscal balances deteriorated. But, thanks to prudent management of public finances during previous periods of robust growth, a significant number of African countries have endured the current … [Read more...] about Africa’s Economic House Divided
France-Africa leaders’ festivities : What to celebrate ?
As the former French colonies of Africa head to Nice to celebrate the 25th France-Africa Summit at the end of May, Sanou Mbaye questions the enduring legacy they’re honouring. Following decades of political and economic tyranny forged by French politicians, the citizens of former colonies continue to absorb the impact of chaotic and ruinous policies left over from their … [Read more...] about France-Africa leaders’ festivities : What to celebrate ?
Françafrique at 50
DAKAR – This month, Africa’s Francophone countries will mark the 50th anniversary of their independence, and of the ties they maintain with France. But is there much to celebrate? Even before French President Charles de Gaulle took office in 1958, he foresaw the wave of revolutionary nationalism that would soon sweep across Africa, Asia, Latin America, and the Middle East. … [Read more...] about Françafrique at 50
Leveraging Africa’s Diaspora remittances
There is something familiar about the tide of news about sub-Saharan Africa’s increased economic hardship in the face of the worst world financial crisis and economic downturn for decades. The tide flows through exactly the same conclusions of the UN and other multilateral Institutions, academics, NGOs and Civil Society experts on Africa’s issues. They stretched to include … [Read more...] about Leveraging Africa’s Diaspora remittances
Africa’s Diaspora to the Rescue
DAKAR – There is something dismally familiar about the tide of news reports concerning Africa’s increased suffering – more poverty, malnutrition, civil strife, and death – in the face of the recent global financial crisis. Almost everywhere, the media translates academic conclusions into graphic illustrations of brutality and despair in places such as Guinea and the Democratic … [Read more...] about Africa’s Diaspora to the Rescue
PROJECT PROPOSAL : CREATION OF THE AFRICAN DIASPORA INVESTMENT BANK (ADIB)
The promoter of the African Diaspora Investment Bank (ADIB) is the London-based Senegalese banker Sanou Mbaye, a former member of the senior management team of the African Development Bank, and the author of “L’Afrique au secours de l’Afrique” (Africa to the Rescue of Africa). African migrant remittances to their country of origin is such an important source of finance that … [Read more...] about PROJECT PROPOSAL : CREATION OF THE AFRICAN DIASPORA INVESTMENT BANK (ADIB)
BOOM OF RAW MATERIALS
Two major events combined to drive oil and raw material prices at new height. First, financial turmoil linked to the subprime credit crisis, growing risk of inflation, a weak US economy and a falling dollar have made attractive oil and precious metals such as gold and platinum as safe sheltering values for investors and speculators as well. Increased demand for raw materials … [Read more...] about BOOM OF RAW MATERIALS
Africa’s Integration Imperative
Karl Marx predicted that states would wither away in anticipation of an idyllic communist society capable of auto-regulating economic imbalances and empowering the masses. So he would have been flabbergasted to see his prophecy realized, not by communism, but by the globalization of Anglo-American economic liberalism. Opening up markets to the free flow of capital, not the … [Read more...] about Africa’s Integration Imperative
Toward an African energy doctrine
For Karl Marx, there was an historic necessity for States to wither away in anticipation of an idyllic communist society capable of auto-regulating economic imbalances and empowering the masses. The towering revolutionary author of Das Kapital would have been flabbergasted to see his prophecy realised, not under the flagship of communism, but that of the globalisation of the … [Read more...] about Toward an African energy doctrine
Overcoming Africa’s North-South Divide
The late President Mobutu Sese Seko of former Zaire once declared that the North African countries, which pride themselves on their Arabic descent, should be excluded from the then Organization of African Unity. Mobutu's rule was, of course, deeply flawed, but he was not alone within the pan-African movement in such thinking. The antagonism between the blacks of sub-Saharan … [Read more...] about Overcoming Africa’s North-South Divide
China’s Grand Africa Strategy
Ever since the Berlin conference of 1883, which Belgium’s King Leopold II called “the sharing of Africa’s cake,” the West has assumed exclusive rights over sub-Saharan Africa. But, while centuries of struggle to end colonial rule and apartheid have not changed this much, now Western influence is being challenged by China, which likewise covets Africa’s rich reserves of minerals … [Read more...] about China’s Grand Africa Strategy
China explosive drive into sub-Saharan Africa
Ever since the Berlin conference in 1883 in what Leopold II, the king of Belgium, had dubbed “the sharing of Africa’s cake”, Western countries tend to have assumed exclusive rights over the countries of sub-Saharan Africa. Centuries of struggle for political and economic freedom to free themselves from colonial rule, remove apartheid and win their independence did not change … [Read more...] about China explosive drive into sub-Saharan Africa
Sub-Saharan Africa’s Leadership to Nowhere
Why are the countries of sub-Saharan Africa the poorest in the world? One reason is the set of ill-designed development strategies that the IMF and the World Bank have implemented in the region for nearly half a century. But the centuries-old culture of leadership that is ingrained in many African societies has played an equally disastrous role. Indeed, the overwhelming … [Read more...] about Sub-Saharan Africa’s Leadership to Nowhere
Starving for Capital in Sub-Saharan Africa
Sub-Saharan Africa's appalling poverty and living conditions have been exposed repeatedly through television and the Internet. But these agonizing pictures represent only the symptoms of an underlying - and largely unreported - malady: capital flight. Capital flight stems from myriad causes: debt servicing, the awarding to foreign firms of almost all contracts financed by … [Read more...] about Starving for Capital in Sub-Saharan Africa
