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COVID-19: The need for a meeting between 54 African leaders and Northern leaders on global economic imbalance – BY ABBATI BAKO

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Politics is about economy and economy is politics. Economic policy is the most important element and live wire of human life. The financial economic control by world leaders and (even) local leaders is part of governance and politics means governability of human society or human family of all continents of this planet.

*Without viable economy the whole other issues are jokes. Therefore, accountability and transparency are essential ingredients in political governance. Without economic viability no nation’s leader can effectively impact positive development in his country especially in emerging economic nations of Southern part of the world. Covid-19 is invisible virus that terrorizing the world and causes global economic recession especially in Africa. Trillions of Dollars lost in recent time as the covid-19 dwarfs the world economy and Africa is affected badly.

*Africa is the most resourceful continent on earth but most underdeveloped with about 1.3 billion (but 27 E.U nations have 450 million population with 25% of global economy and and USA with 26% of global GDP with only 4% of global population) population and 70% or almost are between the ages of 18 to 35 and about 700m are unemployed in Africa. But majority of the population in Africa earn less than $1 a day or even $1,000. 00 per year; compared to an average earning of $80,000.00 per year in most European nations and America.

*Unfortunately, most of African leaders are corrupt due to over ambition to govern for life. There are other factors to blame for underdevelopment of Africa. Apart from bad governance, conflicts that has been rattling the region for decades and the landlocked nature of the continent. Despite the adoption of democracy in most African nations; economy is still poor and most of the leaders and their families are extremely rich.

*Another issue was the slave trade and the imperialism between 18s and 19s centuries that dwarfed the resourceful continent. Experts observed that ,65% of global resources has been deposited in Africa (DRC’s resources deposits were projected to be about $40trillions).

*Another problem need to be considered is the emergence of globalization in the early 90s. Does the globalization policy a blessing to Africa or a curse? The IMF economic prescription such as integration of global economy, democratization and multiculturalism as codes and principles of the system brought development in Africa or not? Experts need to answer those question.

*Then, the foreign direct investment (FDI) in Africa ($80billion) which is too meager compared to Asian continent and other parts of the world. This writing said it several times that; experts asserted that S/Saharan nations of Africa do not “account to 1% of global economy”. This is because stagflation is everywhere in Africa. There is no stability goods. Although Chinese investments in Africa has reached about $300b compared to European America’s investments worth only about $60b.

“At this juncture therefore, the meeting between EU and African leaders must give emphasis on how to boost African economy and the transfer of science technology to the continent. If there is viable economy and good governance in African nations, economic interplay will  improve in terms of education, health care, infrastructure and so on and so forth. And the current plague Covid-19 might had been tackle effectively.

*There is the need that global economic stakeholders and moulders of global political issues in the world to organize meeting that will create synergy between advanced nations and less advanced nations of Africa. The world economy is in imbalance position and the meeting with stakeholders will change the structures of global economic imbalance. Otherwise, as population increases in Africa (UN human development index projected that the population of Africa will reach as high as 40% of global population before the end of the 21s century. If care is not taken unproductive population in Africa may destabilize the world in the near future.

*The problem of Africa is poor governance and poor economy, landlocked, conflicts, trapped resources and lack of population control.

*May God save Africa and Africans.

Abbati Bako, Political Strategy Consultant, IPRC, Nigeria �����>���

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