The stark possibility of Africa remaining a permanently underdeveloped and poverty-afflicted continent has always manifested in the running of affairs of the continent from the prisms of many countries; and the picture lately presented by the President of African Development Bank Group (AfDB) Dr. Akinwumi Adesina spoke no less to the issue. His redeeming note is that Africa does not really need to be a perpetual observer in the development of the world. She can be not only an active participant, but a key driver of that development.
The question is: Are African leaders listening? Are they prepared for the change? Do they even want the change that will dramatically lift the lives of Africans to compare favourably with those outside of the continent? The questions are many. The alarming ring, according to Adesina, is that time is fast running out on the continent because other continents and peoples of the world are moving with geometrical strides.
In his keynote lecture at the 40th Anniversary of The Guardian Newspapers and while unveiling the compilation of Editorials on “Federalism is the answer after all” (The Federalist papers), Adesina’s firm admonition of African leaders is a clarion call for African countries to wake up and take their destinies in their own hands. Adesina spoke on the topic: For the World to Respect Africa.
The title of the lecture reveals the hard fact that Africa is not respected anywhere, because it has remained a struggling continent that is unable to address its developmental challenges. Africa is home to one of the best arable lands in the world, yet she cannot feed herself. Food security is absent on the continent. Africa is home to a number of quality solid minerals, yet she is very poor because she does not exercise competitive and comparative advantage of the raw materials located underneath across the continent. Around 431 million people are said to live in extreme poverty on the continent. Neither has Africa taken advantage of her youth population and potential human resources to unleash the growth she urgently needs.
In the words of the lecturer: “We must take a critical look around us, the under-development, the poverty in the midst of plenty and the fact that we are far behind other regions of the world, despite our enormous resources, and determine that enough is enough.”
Yes, enough is enough of being the poverty capital of the world and living from hand to mouth. Enough is enough of importation of finished products from other continents; enough of consumption and time to begin production.
Africa peers in the Asian continent with whom Africans share a common history of late start as a result of colonialism and resource exploitation in the 1960s have left Africa behind. China, South Korea, Indonesia, Malaysia, Singapore, India and others have become major production centers. They have become rich nations and wealth creators. It is time for African countries to eliminate poverty and begin to create wealth. It begins with appropriate management of human and natural resources that are available in the continent.
For instance, whereas many nations in Africa are endowed with resources, precious metals, oil and gas, proceeds from these are stolen by leaders and stashed away in safe overseas havens. Monies that could have helped to train a workforce to enhance productivity are frittered away in frivolous lifestyles and obscene luxury. The average budget for education in Africa, based on 14 countries in 2021, was 5.08 per cent, with the best being 9.64 per cent and the lowest being 2.67 per cent. Without expanded education, African countries will continue to harvest poverty as there would be no skilled manpower to work the factories and produce.
Health spending in Africa is just around five per cent of the Gross Domestic Product (GDP) on the average. Africans are still dying of diseases that other continents have banished many decades ago. With an unhealthy workforce, productivity remains stunted. This is the time to enthrone transparency and accountability in the management of resources in Africa. African leaders are not accountable to the people. Oil and gas resources are not deployed to critical sectors that drive growth.
African countries must imbibe financial discipline in the collection, deployment and management of resources, and channel to areas it would instigate growth. The Extractive Industries Initiative (EITI) has exposed how minerals extracted from Africa are undervalued in offshore markets and the remnant proceeds stolen by crooked leaders. At a time when the world is transitioning to clean energy, African countries have little time to exploit their fossil deposits and use the resources to develop infrastructure and industry. The world is no longer going to wait for Africa to draw her back. Africa must jump-start to catch up with the rest of the world.
Moreover, African governments should begin to account for the debt stock they amass from the World Bank and the International Monetary Fund (IMF). Africa’s debt burden to external creditors is put at $644.9 billion. African countries are paying $68.9 billion in external debt service this last year and 21 of them are in, or at risk of debt distress. External debt owed by African countries is the equivalent of their combined GDP as at 2021. Financial experts have warned that this is not sustainable.
Meanwhile, the stock of domestic debt by African countries is equally alarming, due to abuse of Ways and Means facilities in their financial institutions. The IMF has cautioned African countries to walk away from the debt crisis by mobilising domestic revenue. They are warned to avoid breaches of fiscal rules due to indiscipline. The AfDB and other funders should monitor projects they are supporting in Africa. Most times, development aids to African countries are not used for the specific projects they were meant for. That must stop.
The capture of state syndrome by political actors must also stop. Heads of states and governments need to realise the enormity of the challenges that face Africa. They should stop pauperizing citizens. Citizens must also wake up and demand good governance. Without the right government, Africa will remain fossilised in the realms of potentiality. That is a disaster. Quality leadership begins with the right recruitment processes. This is the time to recruit quality leadership, of men/women who have passion, capacity and knowledge.
