They made the IMF and the World Bank their best friends after failing to raise funds locally.
Senegal in 1979 became the first African state to obtain a structural adjustment loan from the World Bank. Between the 1980s and 1990s, Africa obtained more than $200b in foreign aid but it all amounted to nothing because of the poor political landscape across the continent. The state was and still is the motor of economic development which needs to change.
Economic reforms alone would not solve the crisis in Africa. Africa needs better governments which is not possible without checks and balances. Checks and balances can mainly come from a political opposition in form of multi-parties or political liberalisation.
Political reforms backed by market-oriented development strategies in place of government intervention can lead to economic success. Graduates should create their own jobs instead of looking at the government as the job provider. We should move from consumption to investment.
Abbey K. Semuwemba
Multiparty politics is the way to go