By: Kandjengo kaMkwaanyoka
I recently came across some reading material that excited me because, for a long time, African economic building doctrine has been dominated by Western ideologies, the International Monetary Fund (IMF), and the World Bank.
Ironically, this piece is inspired by Kristalina Georgieva, the managing director of the very institution that has been influencing the development agenda around the world with its capital muscle and research advantage.
She was inspired by an essay by economist John Maynard Keynes written in 1930, titled “Economic Possibilities for Our Grandchildren.”
In every conversation, you hear how people feel when the economy is not working for them. Many are not just anxious but angry.
This is observed daily in society and politics, raising the spectre of an “age of anger,” as Kristalina puts it.
Demonstrations are common, while discontentment is expressed on social media and in various reports.
Perhaps it is time we accept that the structure of our economy and empowerment policies are rooted too deeply in Western ideology, failing to address the situation on the ground.
Maybe we should finally sit down without any Western economic and policy books on our table and devise an economic structure that suits our population dynamics, informality, rural settings, and more.
Our academics should consider well-guided and informed theories on how African economies should be structured. It is mind-boggling that any African currency trembles every time an anti-Western policy is implemented; for instance, the rand fell because MK and EFF were gaining momentum.
This realisation underscores that our economic structures are rooted in Western ideology and never restructured, resulting in the masses suffering or failing to penetrate the mainstream economy beyond employment.
Young people, specifically, feel the pinch of our exclusive economic structures, from paying for their education to finding work and buying a home, to grappling with the potentially costly impact of climate change on their lives.
Moreover, only a few go through formal channels of university or vocational education. The majority are informal and have given up on buying houses or owning land.
With such a reality, political aspirants and existing politicians and policymakers with access to Parliament and Cabinet tables should start asking each other difficult questions.
The most relevant one is: Can we build and structure an economy that benefits us now and provides a strong foundation for the next generation?
Can we team up with African/Namibian university researchers to agree on how to tweak things for our children?
At the current pace, my progress in life is limited by collateral, and the interest rate makes my life miserable.
I have to leave my rural village to be eligible for funding. At the same time, as a young person, I compete with Chinese investors funded by their government and Canadian investors who can borrow homes cheaply.
My leaders threaten to revoke my licence if I don’t explore and auction my land in the municipality if I don’t develop it.
These scenarios and realities surround the black child in their continent. Thus, I recommend we rethink every piece of legislation we implement: Is it contributing to the restructuring agenda? As a leader, ask yourself why foreigners own and build in Namibia better than your people. What can you do to change that scenario?
Your people can be investors too, but it requires deliberate efforts from leaders and economic facilitators to abandon the old, Western-driven agenda of foreign direct investment (FDI) and raw material export-oriented strategies.
It will be a painful journey as your currency trembles and some investors shy away, but your people will own and benefit.
The coming generation will be worse off if we don’t restructure and prepare a better foundation now. Restructuring is a must if we truly want to build better. Solutions exist and are possible if we work together as a continent.
Start by supporting the Zimbabwean currency, importing from them, and supporting them in their restructuring phase, ignoring Western sanctions.
If Zimbabwe succeeds in the journey of self-reliance, Namibia can follow suit. Secondly, work with Botswana in their quest to have a significant share of the global diamond value chain; support their quest to buy a substantial share of the diamond conglomerate, and they can support you.
Restructuring comes in different phases, and Zimbabwe and Botswana are doing something. Namibian leaders and economic facilitators, enough with travelling to Europe for benchmarking and begging for investment. Awaken what you seek out there from your people, the youth, and the universities.
gerastus16@gmail.com
