The World Bank and Afrika

Last week the World Bank launched its “new strategy” which in its opinion will catapult Afrika and transform its economies.

Whilst the World Bank is entitled to its opinion, I amongst many others believe that this latest attempt by the World Bank to help Afrika reach developed economy status is yet another initiative in a long list of many that will ultimately not deliver the intended result.

My pessimism about the World Bank's intent is based on its history towards the continent and its current reality that has had an adverse effect on the economies of Afrika that have allowed itself to follow World Bank policies.

It is important for the readership to understand at this juncture that Afrikan countries like Namibia, Botswana, Mauritius and Cape Verde that have not pursued World Bank policies have been able to develop sustained growth and development and enjoy real economic growth then those Afrikan countries that have followed World Bank prescribed policies.

My reasoning to be very skeptical about the World Bank's latest gimmick is the case study on Ghana. Ghana's first president Osagyefo Dr. Kwame Nkrumah knew of the machinations of the World Bank, and also as he had the vision and foresight decided not to adopt any policies prescribed by the World Bank when Ghana became independent in 1957.

As a result of this Kwame Nkrumah embarked on a decolonization policy that sought to a, give the Ghanaian their land back as prior to 1957 Ghana's land was under the control of imperial agents and b, sought to make Ghana economically independent as again prior to 1957 Ghana's resources was being used to develop other economies.

For example all the receipts from sales of cocoa were being sent back to the UK to build British industry whilst Ghana suffered.

So Dr. Nkrumah embarked on a rapid industrialization policy that set to tackle the two points made above. He knew that without this industrialization process Ghana was going nowhere and that the economic independence that was crucial to Ghana's forward march would not be realized.

In short as a result of Dr. Nkrumah's economic policy without the help of the World Bank/IMF, over 500 industries including Ghana Airways, The Black Star Line Shipping Company, The Sugar Factory, The Jute Factory, The Shoe Factory, Job 600, Nsawam Cannery, City Hotel, Star Hotel, Tema Steel Company, Tema Oil Refinery, The Radio Factory, Takoradi Flour Mill, The Ceramics Factory, GHACEM and The Tomato Factory.

These industries by the way made Ghana a state that enjoyed full employment and in particular our youth had great employment opportunities and not the mass unemployment we see today.

In addition to this he built many schools, colleges and universities as education is an important component in economic development.

Again as a result of Nkrumah's economic policy Ghana was a net exporter of food because Nkrumah's economic policies place a great emphasis on agriculture. In short Ghana under Nkrumah had a thriving self sufficient, self reliant and indigenous owned economy that was meeting every need and want of the Ghanaian.

Fast forward to today and after the overthrow of Dr. Kwame Nkrumah, successive governments of Ghana have followed policies that have been prescribed by the World Bank.

As a result Ghana that under Nkrumah used to be a net exporter of food has become a net importer of food. Ghana that had over 500 factories producing every need and want have either being sold off or have been left to rot creating mass unemployment in the process, Ghana that was on the path to becoming economically independent is now economically dependent on alleged development partners just to balance its budget and finally Ghana that had the best healthcare and educational systems in Afrika are now in complete shambles.

Therefore what the above shows is that after 45 years of following World Bank/IMF policies Ghana's economy has seen a sharp decline and the same can be said for the bulk of Afrikan countries that have followed World Bank policies.

This new approach from the World Bank will never enable Afrika to develop at a point where inordinate poverty, disease, mis-education and ignorance will be eradicated.

History has informed us that World Bank economic policies have created, entrenched and sustained the above leaving Afrika where it is today, a continent grossly exploited by all and sundry, plagued by wars and instability.

The only way forward for Afrika to develop to a point that will truly benefit the masses of Afrikan people and not a tiny neo-colonial elite is to unite and chart our own destiny as our first president Dr. Kwame Nkrumah entreated us to.