By Oyewale Bukunmi John
Since time immemorial, African states have found themselves at the mercy of their former colonial masters, entangled in a dynamic where aid is offered but cannot be reciprocated or withheld. Despite the departure of seven European countries, Africa remains susceptible to the pitfalls of neo-colonialism, enticing nations to purchase goods beyond their means.
This article shifts its focus from the negative effects of European loans to Africa, exploring the historical and political dimensions of the continent’s diminishing value and productivity. The problems stem from inadequate leadership, external influences on domestic governance, and fund mismanagement. The narrative also touches upon Nigeria’s agricultural decline due to resource reallocation favouring non-tradables in the non-oil economy.
African nations face rapid and arbitrary attacks from their former colonial masters, violating international laws set by superpower countries. Thought-provoking questions arise regarding the accountability of lawmakers and the existence of laws without visible punishments.
France’s control over the national reserves of 14 countries since 1961, imposing a substantial colonial tax of about 8.5 billion, is a glaring example of the challenges faced. Servicing loans becomes an arduous task, leading to the collateralization of strategic assets like ports and mines, crucial for generating revenue.
The article critiques the political and economic motives behind aid from global powers and institutions like the IMF and World Bank. Originally established to aid European countries post-World War II, these institutions have transformed into venues where African leaders seek assistance during setbacks, highlighting a shift in purpose.
