By Adefolarin A Olamilekan
The “New World Order,” was an initiative that gain currency in the late ,1970s and early 80s before the decimation of for USSR now Russia and the fall of the Berlin Wall in Germany’s.
The significant of the foregoing led to two in separate Neoliberal agenda in the form of Wave of Capitalist Democracy in Third World Countries and the shrinking of the earth under the weight of Global Capitalism.
History will remember and continued to put us on the focal point of what followed thereafter, with the Uruguay’s round discussion on General Agreement on Trade and Tariff ,birthing what is today World Trade Organization ,(WTO).
Indeed, the hope of a New World Order campaigners crash, as the ritual boom and boost of capitalist, dealt a blow on the hope of developing countries.
As the entrap debt burden rubbish there collective will to ascertain a better trade deal and strong balance of trade that is weakened due to poor domestic monetary policy.
In the last three weeks, the two Britton Woods Institutions: International Monetary Funs (IMF) and World Bank
In there official characteristics and yearly economic out look projection
released report that majority of the African individual nations governments would plan year 2022 economic programm on.
The report detailing, how there income on trade, budget surplus and budget deficits and critically there debt to GDP ratio and many other aspects. outlook.
Nevertherless, many at times this projection from concerned international bodies majorly defeat there own activities on the continents, courtesy of double standard found in global capitalism.
The above background is to help us appreciate the crux of this piece discussion.
Our continent is bless and our land is potentially an envy to others.
Sadly, it is a region of disappointment and disequilibrium were inequality, injustice and dislocation reins as crisis.And the prospects to overcome poverty is far far in realization.
Interestingly, the Fifty four nations that made up the continent in there likelihood and share differences. All have the resources and huge market for there economies.
However, one concerns that as always retards them from actualizing a better economy deals for there citizens.
Is found in ‘Crisis’ from within the Global Economy space.
Nonetheless, this is a necessary context to debate around, especially as it touches the fundamental of international political economy strands.
For instance this indicate the happenings around global economic inequalities.
From the factor of the choice on how developing nations. Particularly Africans maintained there monetary and fiscal policies directions.
Critically, Africa through it own regional bodies from African Union (AU) and sub- regional bodies- ECOWAS,ECCAS,SADCC and the North Africans, have all in the past resolved to unite the regions.
The just concluded AU summit is a testament to this. Having a ray of hope for a better continent.
Conversely, controversy has always trail the outcome of any AU policy in terms of the political will on the part of individuals member nations to implement.
One of the graphic case is the failure of integration of market ,trade and industrial production.
This aspect as been left for experts and Heads of Government delegation alone.
In modest this require broader democratic and participatory levels. As the pressure for this would come from spectrum of Civil society, trade unions, women, informal groups, and youths, that are more interested in African economy recovery and sustainance.
Succintly, one careful questions that readily arise: if African countries integrate there market, in a situation where the individual national production has collapsed owing to the weight of foreign debt?. Another, is around African real economy. Talk of the manufacturing, power electricity, mining, telecommunication, construction and oil and gas exploration sectors.
How far has the continent fare been a dependent economies. That survive on importation from others?
What comes to minds in answering the above questions is a deep reflection on what is the state of African Science and Technology development and deployment to solve her problems.
Equally, the role of African in trade engagement across the globe comes to minds.
Moreover, the region have come up with African Continent Free Trade Agreement (AFCTA). To ameliorate challenges in this aspects, with the hope the continent can have a shared prosperity and equal access to her market.
Interestingly, this is one prospects members states of AU and there citizens sincerely looks to in 2022.
Convincingly, the continent is rich in human resources and population fits to feeds on massive products and goods.
The challenges however, lies in the devastating effects that conflicts brings.
A recent happening in West African with military coups and counter coups could paralysed any economy prospects. The horn of African and Southern African Sub region is not free from conflicts wihin and around.
In conclusion, we hope each of these cases would not stagnant and regressed the progrees of the continent going forward into 2022.
Our modest forwards, ultimately is a collective stakeholders consensus on propelling African economy out of crisis and burden of foreign debt.
Especially as the continent is majorly lure into it with with promise of maggic ward development. We contend the continent required a means to fast track and reduces her economy bondages.
Another is for intellectusls on the continent to show genuine concern’s towards addressing some of the challenges by way of deepening and strengthening the struggles of he region from the grips of underdevelopment marchants. Having a collective vision for a better society through patriotic practice zeal over opportunist and charlatants.
Lastly, The posts colonial and neoliberal economic strategy perpetuate by developed nations through impossition of unfovourable and trade valuation of goods under the Act based on the World Trade Organisation (WTO) under GATT Articles IIV should be discontinue.
As this has been set on a logic of weaponizing global trade in balance. That lead to global unequal economic development. For us it time for African Renaissance demands in this regards.
