Africa has to be financially secure. It's the only way for the continent to lift itself up. By depending on the IMF and World Bank as our financiers, our economies would be crippled.
Did you know that the IMF and World Bank lend to Africa at a whopping 20 percent interest. Now contrast that with what they lend to the United States- only 1 percent.
Besides, IMF and World Bank will impose conditions that will bring your economy to ruin. They will demand that you lay off public workers in key sectors such as health and education, and render the provision of these key services unattainable. They did this to Africa in the 1990s, and many African economies crumbled.
Also, they will demand that you open up your markets for their products, therefore killing your local industry, and only letting their multinationals flourish. This is why African owned businesses are few and far between, while multinationals continue to repatriate billions of dollars in profit to their European and American owners. The African leaders that tried to get their countries off the dependency on World Bank and IMF, such as Burkina Faso's Thomas Sankara and Libya's Muammar Gaddafi were all eliminated.
It is time for Africa to have its own development bank. One that will act for our own interests and not foreign imperial powers. China formed their own- The Exim Bank, and that's why they succeeded to become position two, and now heading to position one. We need ours as a matter of urgency. Read More Articles. Click Here
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