{"id":54501,"date":"2024-01-21T17:30:44","date_gmt":"2024-01-21T17:30:44","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/?p=54501"},"modified":"2024-01-21T17:30:44","modified_gmt":"2024-01-21T17:30:44","slug":"industrialising-africa-and-the-bretton-woods-institutions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/industrialising-africa-and-the-bretton-woods-institutions","title":{"rendered":"Industrialising Africa and the Bretton Woods Institutions"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>When Dr Akinwumi A Adesina campaigned for election to the post of President, African Development Bank (AfDB) Group, \u201cIndustrify Africa\u201d was one of his \u201cHigh Five\u201d slogans. He is now in his second and last term, a reminder of presidential term limit as a viable executive mandate, and industrialization as a priority.<\/b><\/p>\n

In the 2017 AfDB publication on \u201cIndustrialize Africa \u2013 Strategies, Policies, Institutions and Financing\u201d by eminent persons, the introductory remarks from Prof. Joseph E. Stiglitz, 2001 Nobel Laureat in Economics, are instructive. The ideology that \u201cmarkets would solve all problems,\u201d also known as the Washington Consensus, rejected the need for deliberate industrial policy-making. Thus, it prescribed \u201cone-size-fits-all policies… now largely discredited.\u201d<\/p>\n

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The 2008-9 global economic crisis, not to mention the hoarding of vaccines for the rich during the recent Covid-19 pandemic, reminded that \u201cmarkets, in their own right, were neither efficient nor stable.\u201d Among the factors contributing to de-industrialization in Africa were more precisely the structural adjustment policies imposed by the Bretton Woods Institutions (BWIs) \u2013 International Monetary Fund and World Bank. Instead of eliminating so-called market distortions and fostering economic growth based on \u201cprinciples of free and unfettered markets,\u201d this ideology actually \u201cdiscouraged industrial development and stifled growth….\u201d The result: \u201cover the past 30 years, Africa has suffered from de-industrialization.\u201d<\/p>\n

By contrast, \u201cEast Asia had enormous success in industrialization\u201d because it \u201cdid not follow the Washington Consensus….\u201d Likewise, Africa must abandon foreign-imposed ideologies. Africa and Diaspora must embrace own ideology, to guide the path to industrialization and democratic development in our free trade area.<\/p>\n

Agri-industry cooperation<\/p>\n

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We are in a living-space-crisis, and the impact on the majority of working people is the starting point. Agriculture remains largely subsistence-based and engages most of the workforce. Due to low productivity, however, the farmers, fisherfolk and pastoralists are unable to ensure food security for a largely urbanized and impoverished population. The solution for transformation lies with industrialization involving the working people themselves. Not through discredited ideologies from the east or west, but from millennia-old traditions of African cooperation. The resources of costly bureaucracies, especially the BWIs, need to be reallocated to grassroots instruments of cooperation, from ward or field level committees to apex organizations of the working people.<\/p>\n

Full employment<\/p>\n

How can growth and democratic development be achieved or sustained, when large sections of the population are either unemployed or underemployed, especially among women or young people, according to International Labor Organization and National Labor force surveys? It cannot work out, and that explains the mass misery. Thus, the policy direction is full employment, with the means required to achieve it. Inclusive access to education and vocational training is key, in this regard.<\/p>\n

As Prof. Stiglitz has remarked on the impact on labor-saving innovation facing the world today-: \u201cIf employment does not increase, then inequality will, and if inequality increases, then aggregate demand will become weak. If aggregate demand is weak, then GDP [Gross Domestic Product] growth will be weak. This is a vicious circle.\u201d And it must be broken, with full employment, however defined by political economists or multi-disciplinary panels.<\/p>\n

Accessing finance<\/p>\n

It is known that short-term and profiteering interests have long combined to stifle industrialization due to limited access to finance. Therefore, more development banking is needed to finance industrialization and energy access, at national, sub-regional and continental levels. Otherwise, trade deficits, foreign exchange crises and limited intra-trade will persist in Africa. Thus, establishing African financial institutions, including the African Investment Bank and Monetary Fund, should be fully supported, not frustrated by the BWIs, nor by the continent\u2019s own AfDB.<\/p>\n

This is a sure way of reversing de-industrialization in Africa. Inclusive access to finance for productive value-addition cannot wait, amidst climate change damages, mass unemployment, food insecurity, and so on. That is, from the grassroots self-help osusus or mutual credit funds to micro-credit and apex credit institutions, at all levels, especially in the cooperative and public sectors. Indeed, to be enabled by financial technologies, including open-source blockchain and artificial intelligence.<\/p>\n

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Africa-Press – Angola. When Dr Akinwumi A Adesina campaigned for election to the post of President, African Development Bank (AfDB) Group, \u201cIndustrify Africa\u201d was one of his \u201cHigh Five\u201d slogans. He is now in his second and last term, a reminder of presidential term limit as a viable executive mandate, and industrialization as a priority. […]<\/p>\n","protected":false},"author":84,"featured_media":54500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,337,329],"class_list":["post-54501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-angola","tag-angola"],"yoast_head":"\nIndustrialising Africa and the Bretton Woods Institutions - Angola<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/angola\/all-news\/industrialising-africa-and-the-bretton-woods-institutions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrialising Africa and the Bretton Woods Institutions\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Angola. When Dr Akinwumi A Adesina campaigned for election to the post of President, African Development Bank (AfDB) Group, \u201cIndustrify Africa\u201d was one of his \u201cHigh Five\u201d slogans. He is now in his second and last term, a reminder of presidential term limit as a viable executive mandate, and industrialization as a priority. 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