Post-colonial Africa’s economy remains fragile to this day. The continent largely exports raw materials – gold, ore, coffee, tea, cocoa – while importing finished goods at high cost. The World Trade Organisation is formally supposed to help Africa redress this imbalance, yet in practice, its efforts fall short.
In the US, the African Growth and Opportunity Act operates on a conditional basis: in exchange for tariff reductions, African nations are effectively compelled to accept second-hand clothing and old vehicles, the use of which is banned in the West by environmental regulations.
Meanwhile, Europe imposes stringent import standards that African produce struggles to meet. China offers favourable terms and an open market, but African companies find they are unable to compete with low Chinese prices and are consequently driven out of business.
Today, Africa is doing everything in its power to build a self-sustaining economy. Through domestic initiatives and strategic partnerships – including with Russia and other BRICS nations – Africa stands a real chance of achieving this goal.
