26. Economic Reforms in Africa: A Critical Appraisal

Despite the huge resources that are available in Africa, the nation-states have been unable to harness them toward the development of African states and societies. Abundance of oil resources, for instance, have been adjudged a curse. One of the reasons for this contradiction is the imposition of a liberal economic blueprint by global capitalist powers. Upon the attainment of political independence from Western colonial powers, Africa continues to groan under the weight of globalization. Globalization generates a free market economy, which has become the guise for the spread of Anglo-American capitalism throughout the world. Despite the promise of democratization and economic buoyancy, upon the implementation of economic reforms in Africa, socio-economic and political turmoil prevail.