DECOLONIZING CONTEMPORARY AFRICA’S ECONOMIC REALITY

Abstract

Africa as a continent is rich in human and material resources. The continent is at an advantage because of its arable land, tropical rain forest, savannah region, comfortable climate and a flurry of biodiversity.  The people of Africa are gifted with knowledge, wisdom and understanding of the phenomenological workings of the self as well as the world around them.  However, the continent and a vast majority of her people are identified with poverty going by economic indices (per capita income) by the Western monetary and regulating bodies hence, being dubbed “third world or developing African countries.”  This paper undertakes a critical exposition into the reason why Africa as a continent and her people are economically poor. The paper finds out that policies of African member states are the major reason which have led to enormous borrowing from international financial agencies like World Bank and in the process, plunge the continent into economic crisis with a huge debt profile leading to the devaluation of its member states’ currencies.  Again, the habit of consumption which is festered by importation of goods that can be produced on African soil puts her at an economic disadvantage.  The paper’s objective is to redirect African thinkers and policy makers to the need to be truly independent economically by looking into Africa’s history. Again, economic ties not beneficial to African member states should be severed from the West on basic and major economic needs of Africans.