Globalization and Africa's Leadership Crisis
Author | : Ikaonaworio Eferebo |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
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This paper attempts to highlights Africa in the global system and situates Africa's leadership provision of common good of the citizenry, in which, Africa is hardly regarded as anything, as a result of this complete failure. This paper expresses that while the global political economy is market driven by the forces of globalization, where Africa has nothing to offer makes Africa's domestic economies vulnerable as well as miscellany of factors ranging from policy misdirection, lack of good governance, accountability, transparency, corruption, weak institutions, debts, and conflicts consummate what become of the “African condition”, denied Africa of any benefit. For globalization lies insignificant, unequal trade and credit facility that is increasingly impoverishing Africa as a member continent of the global community, especially prices of Africa's primary produce fluctuates in the global market thereby depleting the capacity for foreign exchange earnings of Africa. However, to make up for the deficit, they borrow from Britton Woods Institutions like International Monetary Fund, World Bank, and even foreign governments and to pay interests on the existing loans, soar their indebtedness.