10 Lies Africans Are Told About Economics/Development
- Political power is more important than economic power
It is this belief that has led to Africans not getting respect from anyone around the world. Only in Africa notably in Tanzania do citizens fight a President who is building an economy just because he opposes premarital sex among teenagers. So called human rights groups spend their time fighting for the right to engage in debauchery, when economic growth is what will lift people out of poverty.
- Fighting corruption will end poverty
As Africans we are told that the reason that poverty rampages the continent is because of corruption. It begs the question if corruption is the problem then why were Africans still very poor under colonialism when they believed there was very little corruption?
- Gender equality brings development
There is no country in the history of the world that became an economic superpower because of gender equality. Development comes from economic activity that comes from manufacturing and industrialization and ownership of the economic engine. Africans are supposed to believe that everyone else has achieved economic prowess through ownership of resources & manufacturing raw materials but Africa will somehow achieve it through social engineering called gender equality.
- Foreign investors bring prosperity
Every other continents namely Asia where countries like Malaysia, Singapore and China, Japan believe in entrepreneurship and businesses; in all emerging markets people believe in businesses but in Africa in Zambia under President Chiluba the prevailing thought was that foreign investors were the answer to Zambia’s economic woes. The IMF & Worldbank convinced Chiluba that selling one of the copper mines to foreign investors for $6BN. The following year the foreign investors generated $30BN and Zambia got nothing. The copper mines which were the crown jewels were now in the hands of the foreign investors and Zambians are in even more poverty than before.
- Rwanda is the economic template and model for development
Rwanda is often cited as the model for development and Zimbabwe as the worst economic disaster in Africa. This is just conjecture & propaganda because the economic metric disprove the conventional wisdom. First economic activity is measured by GDP and Rwanda’s GDP was $8.376BN & GDP per capita $702.84 in 2016 & Zimbabwe’s GDP was $16.29BN & $1008 per capita. So by these numbers shouldn’t Zimbabwe then be the model? Focus here we are not talking about human rights just economics.
- Capitalism is bad
China used to support socialist principles until 1980 when it began incorporating capitalist principles and has not looked back. In just 30 years, China had lifted 500 million people out of poverty more than any other nation in the history of the world. There is nothing wrong with adopting some aspects of capitalism in our economic models. This is was economic success looks like socialism has never been able to achieve these number neither will it ever. Russia has had fewer food shortage or food lines since the Soviet Union under socialism collapsed and they turned to capitalism.
- Jobs are the solution
We are taught to focus on income and not net worth. The cure for poverty is ownership of resources, since most African economies are agri-based then ownership of land is paramount. Despite reports in the press most Africans are better off today under so called corrupt regimes than under colonialism. During colonialism Africans had jobs but none had wealth. Every African’s net worth has increased exponential in post-independence era.
- Hard work is antidote to poverty
If all it took to become economically prosperous was hard work then Congolese working in the rubber plantations would be rich. Instead the Congolese languish in poverty and Belgium is wealthy on the backs of the Congolese. Solving poverty issues requires strategic thinking and innovation as well.
9. Education will end poverty
Zimbabwe has one of the most educated citizens on the continent and yet the number of wealthy citizens is meager. Zimbabwe has only one billionaire and millions of graduates searching for jobs with little net worth and real estate or ownership of the mines and stock market.
- Americans/Europeans or Asians want what is best for Africa
There is a misconception among Africans that Americans, Europeans or Asians really want to see them successful. They take American, European or Asian philosophies as gospel and swallow everything without thinking about it. China is looking into dethroning America from being the king of the hill. America is trying to main its position as the hegemony in charge and Europe wants to maintain its position in the world. The European Union is working to challenge America and maintain its power through the power of demographics. There is nothing there that shows that Africa is in anyone’s equation. Whenever Africans are talking about economic growth the NGOs sponsored by European Union or America divert attention to social issues that promote deviant behavior.
