The Re-emerging African Debt Crisis. Renewed IMF ‘Economic Medicine’

‘During the 1970s-1990s much attention was focused on the rising debt crisis in post-colonial Africa. Continental states after gaining national independence realized that there could be no genuine development while financial obligations to western-based lending institutions were rapidly escalating.

With the balkanization of the continent during colonialism, the national independence movements without political integration and economic unification faced formidable challenges in setting priorities related to social spending and sustainable planning.

Much of the instability led to a further fracturing of the political landscape which found its expression in military coups and other forms of anti-democratic practice. These seizures of power by the armed forces and the police were often prompted by economic crises engineered by the financial institutions and multi-national corporations whom were seeking to maximize their profits at the expense of the majority of workers, farmers and youth.’

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