Economist Professor Godfred Bokpin has argued that although African countries gained independence decades ago, the shadow of colonisation still looms large today.

He explained that Africa’s current economic systems largely mirror those established by colonial powers, which is a key reason the continent remains burdened with debt.

Professor Bokpin described African nations as effectively subservient to lenders such as the International Monetary Fund, the World Bank, and other global powers based mainly in the Global North.

He expressed concern about the high interest rates on loans, noting that Africa borrows at an average rate of 11.6%.

The economist warned that borrowing at such expensive rates without investing in productive sectors threatens to make the continent’s escalating debt unsustainable.

“What we face today, the economic structure, the debt crisis, and more, is deeply rooted in the legacy of colonisation. Even though Africa gained independence in the 1960s, we are still operating within the economic framework left behind. We cannot expect these systems, designed to serve colonial interests, to suddenly serve us now that we are in charge,” he told GhanaWeb's Ernestina Serwaa Asante.

Here is why Ghanaians are not saving

He added, “While colonisation may be over in a political sense, its presence endures through the structures we continue to practice. The new form of colonisation manifests itself through debt and trade diplomacy. Interestingly, in finance, the words ‘bondage’ and ‘bonds’ share the same roots, and the Bible is clear on the implications.”

Professor Bokpin also recalled the early 2000s debt relief initiatives such as HIPC and the Multilateral Debt Relief Initiative, which wiped out debts worth over $4 billion for Ghana. Yet, decades later, the country finds itself facing similar debt challenges.

He stressed that the continent must rethink its economic strategies, challenge outdated systems, and invest boldly in sectors that generate real value.

SA/MA

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