Monday, September 12, 2011

What is Holding Africa from Prosperity?

The late Prof Abdulrahman Mohamed Babu had pointed out these facts in his important book, An Economic Strategy for the Second Liberation of Africa (1994).

1. Dependence on the developed world for Africa’s own development

2. Excessive use of socially necessary labor time in the production of useless goods for export, instead of useful goods for our own human development

3. Unequal trade terms, about which, position of economic weakness arise from export of primary commodities only.

4. Unproductive use of the foreign debts incurred (and the corruption that goes with it), and debt service obligations at extremely unjustified high cost

5. Poor energy policies that make us heavily dependent on external sources of energy and the depletion of our meager foreign exchange earnings in paying for the rising cost of oil imports

6. An irrational world economic order as a whole which, again cannot be changed from a position of economic weakness.


1 comment:

alex said...

Nimesoma hicho kitabu, kimeniongezea ufahamu wa mawazo waliokuwa nayo viongozi wetu at some point in time.

What lacks is deeds, and i think, the whole African society is to blame [if blame is the right word] for this. Simply, huwezi kuendelea kama ni mvivu na you can't find yourself doing the donkey work.

May i suggest "How rich countries got rich...and why poor countries stay poor" by Erik Reinert, Prof.

If find myself reaching that view [para 2, above] after reading all these books about economic and social development.