Editorial
Sustainable economic development in Africa is the way forward
Consequently most of the decisions reached with the IMF and the World Bank were more personal than national resulting in most of the funds being misappropriated. At the end of it all most African countries found themselves in a debt hole with little or nothing to show for the billions borrowed. This has left a bitter taste in the rank and file African with regard to the Western economic development model.
Nevertheless, the viability of the western model is proved by its durability, resilience through times of war, overcoming recessions, economic downturns and adaptability. In this respect, it can be argued that effective democracy with its emphasis on the enforcement of the rule of law and good governance goes hand in hand with enduring economic success.
However, Africa’s weak political and legal institutions provide little or no checks and balances in the deal making process. This is where African policy formulators have to be careful not to throw away the baby with the bathwater in completely jettisoning the western model of economic development.
The Western model built on the foundation of soft infrastructure such as strong political and economic institutions supported by powerful regional organizations backed by robust legal frameworks is the way forward for enduring economic development. This system ensures that politicians are held accountable by the stakeholders in these countries for the agreements they approve. This in return guarantees to a large extent that countries enter into favorable agreements.
The Habari Network Editorial Board | May 6, 2014
