By Gibril Saine, @GibbySaine
I was exposed to the true nature of the International Monetary Fund (IMF) on a research paper on global governance in the post-World War Two order rearrangement. Ever since one has grown to despise not for its role as scribed on its founding document, but the intent behind for what it came to represent in Africa.
Recap – Like the World Bank, the IMF came into being at the Bretton Woods conference after the second world war. It is an offshoot of the United Nations borne out of that conference. Among other things, the role of the IMF to monitor economic and financial developments, and of policy advice aimed at crisis prevention. While that is admirable, it is the Fund’s predatory lending/debt one takes exception to. That grudge further stems from the blatant allowance of successive U.S. administrations to use this multilateral accord as a tool, not just to advance its narrow interest abroad, but to punish those countries who dare to challenge American imperialism on the world stage. Castro’s Cuba is the shiny example of that, Venezuela, the Islamic Republic of Iran, and others.
I will contend that the coming of age of American dollar diplomacy became the most destructive tool of that leverage since the Atlantic slave trade. The fact that the world played along, paying lip-service as the United States starve adversarial states of their reserve currency, forcing European allies to toe-the-line, while it destroys other countries economies. What that does but create extreme poverty, claiming millions of young precious in the process around the world. While the intention was never for a history class, it is still useful to reflect on the height of hypocrisy, even while we exhale (sic).
Saddam Hussein’s Iraq and Gaddafi’s Libya respectively had bared the vast brunt of targeted U.S. sanctions. It is interesting to note what these countries have in common, as with Iran & Venezuela, is oil, and plenty of it. American politics is full of contradictions, with the influential power of big money lobby groups.
I can say with confidence that U.S foreign policy agenda, and with it, influence on the IMF, has led to widespread poverty for the worlds black and brown people. If else sanctions alone have killed tens of thousands of poor people all over Africa, the Middle East, and South America – succeeded bringing down Zimbabwe’s economy to its knees.
In his bestseller, Confessions of an economic hitman, a former CIA operative goes on to explain how covert U.S. economic policy is unleased to destroy a country’s economy.
That is why a new world order has to borne post-COVID-19 pandemic, one built on equity and justice. Believe this: Death is the only certainty of life – but so does the rise and fall of nation-states, for one case a dab through time on history. Young Gambians must not be deceived by the skyscrapers over New York or the stranglehold of silicon valley tech hub on our social media addiction habits.
This fight for economic parity & justice is not Gambian’s alone, but one of a global crusade. The Bretton woods agreement and institutional order are outdated and obsolete. Something has to give, for a new world must be borne. The International Monetary Fund has outlived its welcome in Africa, soon to face banishment to the innermost depths down below the Atlantic Waters.
Continental leaders of all of Africa’s 54 nation-states need to come together set up a pan-African Federal bank to preside over currency convergence. An African Development Bank that’s 100% Africa-owned, of which shareholders are member countries.
A purpose institutionalised Agricultural Bank is long overdue with branches in all countries, for a new focus on mechanised push on food security drives. The Gambia needs to start rebuilding its poor infested towns & cities redesign as hubs of sustainability, at the heart of which remains independence from unsafe food imports.
Gambian youth need to allow oneself to dream big on the possibilities of a new world order in the making. Do not be afraid of big and bold ideas, be visionary, realistic, and that it is possible “TEKKI FI” for real with a little help from and collaboration in terms of entrepreneurship.
Believe it, work gives dignity. For, when a man or woman goes out to work to earn a living to both clothe and feed his or her family, there is dignity in good honest earnings.
To the youth – be cautious and suspicious of politicians seen running about town dissing out packets of cash at side-movements, political rallies during the campaign season – when poverty is our common lot.
Gambian youth – aspire high and for better, by stomping up for leaders that match our ambitions and live up to values and aspirations we share. Diaspora Gambians need to continue to counsel and educate their families back home concerning the social contract, political culture to dial tempers down on social media – for the stakes are high.
My fellow Africans – The charge sheet against the IMF is long and porous, requires bold moves, consensus and unity by continental leaders in the coming years to make any impact. With young people across the continent impatiently wait for Africa to claim its rightful place in the world, Covid-19 has presented a near-level playing field if the bureaucrats frequenting five-star hotels in Addis Ababa are ambitious enough.
Gibril Saine