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Africa.......but not necessarily for the benefit of Africans

Private enterprise, and foreign enterprises, to the fore, yet again, and the people suffer.    Welcome to Africa.

The World Bank has a sobering assessment of how things are faring for the Africans in Africa.

"The World Bank is admitting that so-called economic growth in Africa, rooted in privatization and resource extraction by foreign companies, is not benefiting the vast majority of the continent's people.

This comes from an institution has been widely criticized for pushing these very policies of 'growth.'

Despite Africa's much-vaunted 'growth' over the past decade, deep poverty and inequality are “unacceptably high and the pace of reduction unacceptably slow,” reads Africa's Pulse, an analysis released Monday by the World Bank. "Almost one out of every two Africans lives in extreme poverty today," and by the year 2030, a vast majority of the world's poor will be located in Africa, the report finds.

Francisco Ferreira, Acting Chief Economist for the World Bank Africa Region, states, "Africa grew faster in the last decade than most other regions," with a steadily climbing GDP noted in the report. Yet, this so-called growth is highly dependent on relatively few commodities sold for export, including oil, metals, and minerals. "Nearly three-quarters of countries rely on three commodities for 50 percent or more of export earnings," the report reads, with countries like Angola and Nigeria depending on oil for up to 97 percent of all exports."





Footnote: It will be recalled that MPS had a post recently about a new book, Profits of Doom by Antony Loewenstein (MUP) dealing with this very topic.     Check out the book..... available on line as a paperback and ebook.

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