I hope that we have all settled in the Year
I hope that we have all settled in the Year and are gracefully steaming ahead closer to old age (some of us are already there).
My beef this week is this nonsense of everytime you want to discuss the health, or lack thereof, of an African country”s state of economic health, we turn to external sources. Moody’s, Standard and Poor are names that quickly come to mind.
When we need justice, we turn to the International Court of Justice, based in some obscure little hamlet in Holland.
When we are broke and need a bailout, we rush to the Paris Club, the IMF and the World Bank. None of them are based on the continent.
We actually take pride in these ratings by Moody”s and their poor relatives. We actually feel proud of these entities give us a positive rating. It further affects our capacity to access financing from their affiliated banks, in an unholy and incestuous shakedown scheme.
As Africa, we need to develop our own institutions. Why is it the COMESA Court of Justice is a footnote in our legal discourse? Why is there no AU Court of Justice, to which all our member judicial systems should affiliate? If we need to discipline and throw the book at an erring warload, why do we need The Hague?
Why can it not be done in Addis, Nairobi or Johannesburg?
Why have we not capacitated the African Development Bank and other banks like the PTA Bank to be banks of first instance whenever an African country needs financing? Couldn’t all our rich guys, Dangote and his well heeled friends come together and build a Pan-African bank?
Until we wrestle decision making on the issues that drastically affect us away from countries and entities that have no interest in a developed Africa, we will be whistling in the wind. Posterity will judge us harshly.
Economic freedom now! I miss Kwame