Africa’s IMF Debt Rising

While it surely beats the imagination, a number of African countries have found themselves enmeshed in dealings with the International Monetary Fund (IMF).

The countries’ experiences reveal a cautionary tale for future partnerships with the bank, not the least of which is how to negotiate a relationship that only appears will be beneficial for one side.

The Executive Board of the IMF has suggested a number of reforms for Nigeria. One action, in particular, that the IMF suggested and has eyebrows raised is a call for Nigeria to devalue its Naira currency.

The IMF claims that by devaluing the Naira, Nigeria will avoid market risks and political insecurity.

A statement from the IMF Executive Board read:

[quote_box_center]Directors noted, however, that vulnerabilities remain high in view of the uncertainties about oil price, security, and the political situation, and concurred that additional policy adjustments and broader structural reforms will be necessary in the period ahead to reconstitute buffers, mitigate risks, and meet pressing development needs.[/quote_box_center]

Statements like this one, full of vacuous verbiage and hollow of meaning, somehow present themselves to dimwitted African politicians as meaningful conclusions.

Not long ago, countries like the US cut back on purchases of Nigerian oil. Now the IMF works to adjust the Nigerian economy to rebound from its recent fall in oil prices—the very fall that countries who operate the IMF orchestrated.

And now Nigeria solicits advice from these countries that not only provoked its economic demise, but also continue to arm Boko Haram?

Meanwhile, in southern Africa, Zimbabwe struggles to clear its IMF debt. Thus far, the nation agreed to pay 150,000 US Dollars per month on a 124 million US Dollar IMF Debt.

The World Bank claims Zimbabwe owes it $1 billion US dollars.

Clearly, the pattern here is for the IMF and the World Bank to entrap countries in debt. These organizations use credit to tether the world’s residents in a permanent debt cycle.

This is the same practice Western governments exercise on their own citizens.

In countries like the US, millions of people, young and old, are saddled in debt from student loans, credit cards, and healthcare bills.

Hard-working people in the US find themselves trapped in debt to the government and private companies that give out loans with high interest rates. These Americans work every day of their lives and still cannot repay the debts.

This is the same revolving credit system that Western-run organizations like the IMF and the World Bank hope to bring to Africa, to crush hard-working Africans under the same debt that suffocates a growing number of American residents.

It is a wonder why African leaders continue to solicit advice from organizations run by Western nations.

Have we forgotten the toils undergone to break the chains of colonialism? Or do we miss the tender touch of Western suzerainty and the feeling of its shackles?

There are some countries in Africa that are suffering from a crisis of leadership, leaders derelict in the performances of their duties and with limited purview.

Western nations have indeed truly stumbled upon the trick.

Create any organization. Really, anything. Then simply put the word “International” in its title— like the International Monetary Fund or the International Criminal Court—and you will effortlessly fool the majority of illiterate populations into thinking that the organization is truly for the benefit of an international community.

Although the trick is not the most elaborate one, it needn’t be if the mark is none the wiser.

Recently Ghana has brokered a deal with the IMF. One can only predict the story that Ghanaians will tell years later if the debt the IMF is surely planning on saddling Ghana with becomes firmly entrenched in Ghana’s government.

Africa’s IMF debt is rising.

But what is the IMF’s plan, if not to usurp African local and state governments in any manner that works in the favor of Western countries?

This is a crucial time for African citizens to observe their surroundings with renewed vigilance, lest our children be subject to the harbinger of an impending doom that we have unwittingly created.

Needless to say, there’s a reason why you never make a deal with the devil.

The devil finds work with idle brains. The miseducation of Africans allows ample room for knavish play.