By EE Okpa
Au is “Clueless” on the mechanism of money.
5% of IMF SDR for Africa is $33.5b for 54 odd nation meaning technically, no nation gets a $1b.
Geez, if Africans create a fund that is sensitive to her needs that is patient, they can develop a monetary source bigger than what IMF, World Bank, etc., can channel.
Since no African nation Treasury is capable and robust to back AfrEXIM and ADF, these institutions are handicapped to facilitate development in Africa. They instead seek to be conduit for foreign money which comes at a cost.
The solution is an Africa CentriFund developed via subscriptions majority coming from Africans if they have desire to control their development and growth.
The notion of “those who pay the piper dictates the tone”, is very evident in financial institutions. They the payers tell the pipers the tone to play on terms and conditions they often cannot counter – stranglehold.
Africa is not a Referee in the game they are invited to play therefore, they must conform or get kicked out
Take It or leave it, African Union is a toothless barking dog that cannot bite since it has no teeth.
Ones owns their development when they own their money.
Create financial instruments that can be subscribed to in order to be an effective alternative to foreign vulture money that takes advantage and prey on Africa.
A beggar continent like Africa will always catch the rear because it has not reputable financial institutions that can play on the global market and stage – in a manner to be a significant alternative.
Global Affairs Analyst
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