My initial rection when I saw the headline was sheer euphoria, that finally "we got it."
But it was quickly deflated like the proverbial baloon after the spent air has drained out. I was expecting a vision from someone, an ... read full comment
My initial rection when I saw the headline was sheer euphoria, that finally "we got it."
But it was quickly deflated like the proverbial baloon after the spent air has drained out. I was expecting a vision from someone, anybody it doesn't matter, on how the "continent" can move forward as a whole economically, but tourism? I don't have anything against that peg of economic input- it's part of all countries GDP, but for God's sake if Africa is the "next frontier" let's co-ordinate economic policies continental-wide.
Take the case of fungible dollars- money mnagers are picking African countries apart in their desire in chasing yields on "sovereign" debt. Higher yields attract more investible dollars but it saddles them with huge debts which can only be paid from their exports of raw commodities; in essence holding those exports in escrow to pay those "usurious" interest rates, leaving them close to nothing for economic development and perputiating a cycle of dependancy on foreign largesse.
How to solve this perennial problem of the continent being taken for suckers?I can bet you know where I am going with this, form a co-ordinated continental economic policy team to deal with both monetary and fiscal policies. And please nobody should tell me it can't be done- it can be and it's believable-just follow the European Central Bank, ECB.
But again,I may be naive -fully aware of the constraints of the pettiness of leadership- but a hopelessly optimistic African and I know it can be done- an Nkrumahesque vision.
My initial rection when I saw the headline was sheer euphoria, that finally "we got it."
But it was quickly deflated like the proverbial baloon after the spent air has drained out. I was expecting a vision from someone, an ...
read full comment