Dying by instalment

Dying by Instalment: The story of the African Economy

The African economy, once brimming with untapped potential, now finds itself gasping for breath, a victim of systemic issues that have left it faltering. The continent, blessed with vast natural resources, a youthful population, and a rich cultural heritage, seems destined for greatness. Yet, its story is one of slow suffocation—dying by instalment.

The First Instalment: The Colonial Legacy

Africa’s economic struggles began with the colonial era. The invaders carved up the continent, extracting resources for their own benefit while stunting local industries. Railways, mines, and plantations were designed to serve European markets, not African development. By the time independence arrived, the foundations of self-sustaining economies had been neglected, leaving nations ill-equipped to stand on their own.

The Second Instalment: Post-Independence Missteps

The euphoria of independence quickly gave way to disillusionment. Many African nations, eager to forge new identities, adopted policies that prioritized quick fixes over long-term stability. Leaders, some more interested in personal gain than public service, squandered national wealth on white elephant projects and lavish lifestyles. Corruption became a silent killer, siphoning off funds meant for education, healthcare, and infrastructure.

The Third Instalment: Global Economic Pressures

Africa’s economies were further strangled by their dependency on primary exports. The global market’s volatility meant that a dip in the price of oil, cocoa, or gold could devastate entire nations. Meanwhile, crushing debt burdens grew as countries borrowed heavily to finance development. The structural adjustment programs of the 1980s, imposed by international financial institutions, came with austerity measures that stripped away essential services, leaving millions in poverty.

The Fourth Instalment: Climate Change and Conflict

In recent decades, climate change has become another instalment in Africa’s economic demise. Unpredictable rainfall patterns have decimated agriculture, the backbone of many economies. Farmers, unable to adapt, have abandoned their lands, leading to mass migrations and urban overcrowding. Meanwhile, conflicts fueled by resource disputes and ethnic divisions have further eroded stability, making investment risky and development elusive.

The Fifth Instalment: Brain Drain and Youth Unemployment

Africa’s greatest asset—its young population—is also its greatest challenge. Unemployment rates remain staggeringly high, pushing the educated and skilled to seek opportunities abroad. The continent loses millions of bright minds annually, further draining its potential. Those left behind often resort to informal economies, surviving hand-to-mouth with little hope of upward mobility.

A Glimmer of Hope?

Despite this grim narrative, Africa is not without hope. Digital transformation is sweeping across the continent, offering new opportunities in fintech, e-commerce, and renewable energy. Nations like Rwanda and Ghana are emerging as beacons of reform and innovation. The African Continental Free Trade Area (AfCFTA) promises to unlock intra-African trade and reduce dependency on external markets.

The Verdict

Dying by instalment is not an inevitable fate. Africa’s journey can still take a different course, but it requires bold leadership, visionary policies, and the collective effort of its people. The continent’s story is far from over—it rests on the decisions made today to shape the future.