4 ms·

You are wrong, the capital IS there, Africa is rich, it's just the capitsl is leaving for US, Europe, and Asia, instead of staying in Africa because of colonial

by mempko 2y ago

You are wrong, the capital IS there, Africa is rich, it's just the capitsl is leaving for US, Europe, and Asia, instead of staying in Africa because of colonial history.

alephnerd 2y ago
Plenty of African nations are building strong private sector players. Nigeria, Kenya, Uganda, Senegal, and Ghana are all building competitive local financial markets and private sector players. There are plenty of Sub-Saharan states are remain perpetually underdeveloped, but that's ignoring plenty of foundational work happening in plenty of other African states. The main difference is administrative capacity - some states have relatively decent bureaucracies and administrative norms, others don't. It's up to individual countries political and economic leadership to decide which track they want to take.
- bilbo0s 2y ago
  They do have a private sector, and that should be lauded. But we also have to be honest and concede that while the others may have usable rule of law to varying degrees, Nigeria has a looong way to go in this regard. Uganda could use a bit of help as well in that dimension.
jisnsm 2y ago
And how, pray tell, is the money being siphoned off to the evil colonial empires?
- tmnvix 2y ago
  I think the usual explanation involves debt repayments. There are others, such as forced structural adjustments (e.g. privatisation) and currency control (in the case of the French and former West African colonies).
victorbjorklund 2y ago
Why does africans send their capital to US, Europe and Asia?
- alephnerd 2y ago
  Stop saying "Africans". Each African country has a different context, and it does a disservice to laggards and over performers to club everyone as "African". There are unique administrative hurdles and innovations that African countries have to either spark industries or smother them. Humans are the same irrespective of our country of origin - the main difference is how public and private institutions manage humans.

by mempko 2y ago

You are wrong, the capital IS there, Africa is rich, it's just the capitsl is leaving for US, Europe, and Asia, instead of staying in Africa because of colonial history.

alephnerd 2y ago

Plenty of African nations are building strong private sector players. Nigeria, Kenya, Uganda, Senegal, and Ghana are all building competitive local financial markets and private sector players. There are plenty of Sub-Saharan states are remain perpetually underdeveloped, but that's ignoring plenty of foundational work happening in plenty of other African states. The main difference is administrative capacity - some states have relatively decent bureaucracies and administrative norms, others don't. It's up to individual countries political and economic leadership to decide which track they want to take.

bilbo0s 2y ago
They do have a private sector, and that should be lauded. But we also have to be honest and concede that while the others may have usable rule of law to varying degrees, Nigeria has a looong way to go in this regard. Uganda could use a bit of help as well in that dimension.

jisnsm 2y ago

And how, pray tell, is the money being siphoned off to the evil colonial empires?

tmnvix 2y ago
I think the usual explanation involves debt repayments. There are others, such as forced structural adjustments (e.g. privatisation) and currency control (in the case of the French and former West African colonies).

victorbjorklund 2y ago

Why does africans send their capital to US, Europe and Asia?

alephnerd 2y ago
Stop saying "Africans". Each African country has a different context, and it does a disservice to laggards and over performers to club everyone as "African". There are unique administrative hurdles and innovations that African countries have to either spark industries or smother them. Humans are the same irrespective of our country of origin - the main difference is how public and private institutions manage humans.