Columnist/OpinionLatest

African countries should stop borrowing from Bretton Woods institutions…

BY KENNETH DUMBURA

It is evident that, the days of Africa relying on loans from the International Monetary Fund (IMF), and the World Bank must come to an end. The current scenario perpetuates an unhealthy dependency on foreign institutions, which not only hinders our continent’s sustainable development, but, also exacerbates Africa’s ongoing debt crisis.

Renowned African leader Thomas Sankara, aptly described this situation, as a form of neo-colonialism, and labelled it as “a skillfully managed reconquest of Africa.”

Africa’s economic progress, and self-determination, should not be compromised by perpetual indebtedness to external entities. We must seize the opportunity to break free from this cycle, and strive for economic liberation. By reducing our reliance on foreign loans, we can reclaim our autonomy and chart a path that aligns with our unique needs and aspirations.

It is imperative that, we come together as a continent, to explore alternative avenues, for sustainable economic growth, and development. This requires fostering regional cooperation, promoting intra-African trade, and creating an enabling environment for entrepreneurship and innovation.

We possess abundant resources, untapped potential, and a resilient spirit, which, if harnessed effectively, can lay the foundation for a prosperous Africa.

We urge you to join the cause for economic liberation, and advocate for policies that prioritize self-reliance, and sustainable development, within our respective spheres of influence.

By working collectively, we can create a brighter future for Africa, where our economies thrive, our people prosper, and our continent regains its rightful place on the global stage.

Let us don’t delay this crucial endeavour any longer. The time for economic liberation is long overdue. Together, we can shape a better Africa for generations to come…

@KD’23

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