The G20 Summit scheduled for April 2, 2009 in London, will be of no value to Africa if the old economic order supervised by World Bank and IMF remains in place. Africa is already groaning under the weight of developed country protectionist measures practiced in the form of skewed international trade policies, trade distorting subsidies, debt and aid.
In a 4,300 word Essay "Divorce Africa from the World Bank and IMF: Reflections on an Abusive Relationship" released on 31st March 2009; Mr. James Shikwati argues that the current economic order is making Africans poorer while opening up the continent to plunder by developed economies.
Attempts to push Africa to adopt market economic policy framework by Western countries through the World Bank/IMF and their allied international agencies goes against the spirit of free choice enshrined in free market systems.Shikwati says: "The current economic order, supervised by the World Bank and IMF, has done little to concretely address this predicament; indeed it seems to give license to wealthy nations to continue limiting Africa's prospects of penetrating the global economy to her advantage".
G20 countries represent 85% of the world's economic output. Members of the same group produce the major shareholders of the World Bank and IMF. Africans will be expecting too much from this group that has traditionally employed subtle protectionist measures that have driven down productivity on the continent. In this essay, Mr. Shikwati calls for among other measures building of African made institutions such as, African Monetary System pegged on 'Gold Standard Approach'; Central Bank of Africa; African Commodities Market; shift from Aid paradigm; complete divorce from World Bank and IMF and new political dispensation on the continent that embraces ethnic diversity.
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