Former AU Ambassador to the US, Arikana Chihombori-Quao has questioned the disprotionate interest on loans borrowed by both developing and developed countries by the IMF and World Bank.
She argues that such a situation renders African countries impoverished because of the sheer quantum of interest placed on loans.
"When the US borrows money, they are getting it for 1.2℅, when Africans borrow same amount of money, they're getting it at 19℅. The ones who need the break don't get the break", she emphasised.
Speaking in an interview which has gone viral on social media, Chihombori-Quao averred that "The sheer survival of the World Bank, IMF is based on the fact that African countries and developing ones for that matter do not succeed. Their success is based on our failure" adding "that has to change and guess who can make that change? We, the children of Africa, we."
She noted that, for Africans to succeed in liberating themselves, they need their citizens in the diaspora. " There are more Ghanaian doctors in New York City than in the entire country of Ghana. There are more Nigerian doctors in LA than in the entire country of Nigeria," she noted.
With such a number of African experts in the diaspora, she argues that the emphasis on capacity building is irrelevant since that can be found in the diaspora.
"Diasporans are not going home yet are angry about Africa because they're not understanding the root cause of why Africa is where it is today," she stated.
According to her, what can be done is for Africa to be liberated and free from exploitation from outsiders including multinationals.