The President of Malawi, Lazarus Chakwera has spilled the bitter truth that, foreign financial institutions are responsible for the spread of poverty in Africa. According to him, these institutions failed miserably after testing Magufuli with the same formula.
The President made this comment during his speech in honor of the late John Pombe Magufuli in Domoma as attended by some African heads of states together with a significant number of Africans, especially Tanzanians.
He stated in eulogy that, “when they say the only way to pursue our development is to follow failed prescriptions of foreign financial institutions, that have left Africa more impoverished and in debt than they found it, they did not see Magufuli coming.”
Apart from the recognition of the enormous infrastructural facilities Magufuli built in Tanzania with nearly zero foreign support, the statement equally exposes the inherent hypocrisies of these so called financial institutions, pretending to be providing development support on the continent.
The facts remain irrefutable that most African countries have become poorer and heavily indebted as rightly stated by President Lazarus than they were prior to subscriptions to foreign aid.
The only thing that seems to be working very well is the local and international propaganda staged by these same neocolonial financial institutions, painting false images for some nations against the socio-economic realities eminent in these countries.
It is very common for locals to hear or read huge figures flying in the media, perpetuated by these financial watchdogs with sophisticated economic terms; however, these same locals cannot particularly attest to any iota of real impact in such pronouncements. This is not to say that, some of these countries are not doing well. They are developing at their own pace but the unusual hypes make it questionable.
Unfortunately, since this mode of operation and empty hypes favors ruling governments, the grand foolery is entertained and sustained. African countries need to stay true to themselves and come to the realization that the way forward is in making good use of our local resources rather than the over reliance on foreign aids with devastating terms.