Perpetuating Poverty in Sub-Saharan Africa

Moeletsi Mbeki writes(pdf) "...When the colonies in Africa and Asia became independent, their political leaders were faced with two main challenges: achieving domestic political stability and transforming their economies from the production of raw materials to industrial production...At the root of Africa’s problems is ruling political elites that have misused the economic surplus generated by the African continent over the last 40 years. African political elites have exploited their position in order to
■ bolster their standard of living to Western levels,
■ undertake loss-making industrialisation projects that were not supported by the necessary technical,managerial, and educational development, and
■ transfer vast amounts of money from agriculture and mineral extraction to overseas private bank accounts, while borrowing vast amounts from developed countries.What were the results of those predatory policies? According to the World Bank and the International Monetary Fund, which have become Africa’s fairy godparents, Africans are poor and getting poorer..."
Via Global Growth Org