When the Bretton Woods institutions were created as part of a post-World War Il global order, not more than four African states were fully independent.
The World Bank (International Bank for Reconstruction and Development) was created to reconstruct devastated Europe after the war. The International Monetary Bank (IMF) was added to help with short-term loans.
After independence, African states have accessed these loans “regularly”. While some have utilized the loans to seek some relief from economic hardship, others have become perennial takers of these facilities with no significant impact. Well, right from the beginning it was not meant for them.
And so what?
With the back burner position of Africa in these international financial regimes, the continent has made efforts to seek unity or achieve better economic integration.
This vision has led to the creation of regional economic communities across the continent. Yet far less has been achieved without any consequential economic integration of Africa. Intra-African trade has been insignificant when compared with that between individual African states and the rest of the world.
Then came the African Continental Free Trade Area (AfCFTA).
After decades of regionalism that has not given adequate dividends to the people, the birthing of a continent-wide AfCFTA in 2019 was refreshing to the many enterprising youths and honest external businesses who want to be part of the African story.
The idea that AfCFTA seeks to remove trade barriers in the continent and work towards the creation of a customs union is an impressive one.
This notwithstanding, in the recent BRICS summit in South Africa, the news of several African countries showing interest in joining the new global economic bloc emerged. At the end of the summit, the invitation of Egypt and Ethiopia was announced.
Way forward?
Yes, while we are on getting AfCFTA to work, individual states are making efforts to join another bloc. Why not strengthen what we have started building?
In recent decades, the EU has shown that international organisations and unions can represent the interests of member states adequately. Despite
the opposition it has from some right-wing Europeans, the EU has stood in for its members in several global talks, associations, negotiations and interests.
Instead of individual African states joining BRICS and playing second fiddle to more powerful “counterparts”, why not make AfCFTA represent all of us there?
Obviously, not all AfCFTA members may agree to be represented in the BRICS by the organisation. That said, it is worth noting that the fact that South Africa as the last country to join the BRICS, is enough to show Africa was not a priority at its inception-ike with the Bretton Woods institutions.
#africa #niger #afcfta #brics #stability #securitydevelopment
Owusu is International Relations and Security Analyst
