Prof. PL Lumumba discusses IMF and World Bank Agenda for Africa.
Summary
TLDRThe transcript discusses the origins of the IMF and World Bank at Bretton Woods in 1944, where African nations were absent, and their subsequent economic enslavement. It highlights the need for Africa to establish independent financial institutions like the African Development Bank, which has been undermined by foreign influence. The speaker calls for African self-financing, referencing examples like Tanzania's hydroelectric power project, and criticizes external NGOs and the dependency on IMF and World Bank loans. The narrative urges a rethink of financial strategies and a move towards self-reliance to escape neocolonial control.
Takeaways
- 🏛️ The IMF and World Bank were established at the 1944 Bretton Woods Conference without African participation, and African countries were later integrated into these institutions.
- 🌍 The IMF and World Bank are perceived as tools of economic control, designed to keep African nations in a perpetual state of dependency.
- 💼 Control over a country's economy through these institutions is seen as a means to influence politics and governance.
- 💵 The African Development Bank, intended to finance African affairs, has been compromised by significant non-African shareholding, particularly from the USA, Japan, and the UK.
- 🏦 African Union is largely financed externally, including by NGOs that dictate the agenda in exchange for funding.
- 📚 Greg Mills' book discusses why Africa is poor and suggests ways for Africa to address its economic challenges.
- 📖 The book 'Bad Samaritans' by Ha-Joon Chang criticizes the IMF's influence in Africa and suggests that dependency on it leads to a shadow economy.
- 💪 Efforts to reduce dependency on the IMF and World Bank are highlighted, with examples from Latin American countries like Chile, Argentina, and Brazil.
- 💵 The narrative calls for African millionaires and billionaires to finance African development instead of relying on foreign entities perceived as neocolonialists.
- 🗣️ African leaders are urged to take a stand against external control, with references to figures like Thomas Sankara advocating for debt non-repayment and self-financing.
Q & A
When and where were the IMF and the World Bank created?
-The IMF and the World Bank were created in 1944 at the Breton Woods conference in New Hampshire, United States.
Why were African countries not involved in the creation of the IMF and the World Bank?
-African countries were not involved because they had not yet gained independence and were thus not present at the Breton Woods conference.
What role do the IMF and World Bank play according to the speaker?
-The speaker describes the IMF and World Bank as economic enslavers, designed to keep African countries in a perpetual state of dependence.
How does the speaker suggest that the IMF and World Bank control countries?
-The speaker suggests that by controlling a country's economy, these institutions can control its politics, which in turn allows them to influence who governs the country.
What is the African Development Bank and why was it created?
-The African Development Bank was created to serve as an engine for financing African affairs independently of external control.
Why has the African Development Bank not been as effective as intended?
-The effectiveness of the African Development Bank has been compromised because major shareholders like the United States, Japan, and the United Kingdom have significant influence over its operations.
What does the speaker suggest about the financing of the African Union?
-The speaker points out that the African Union is largely financed from outside sources, including NGOs, which can dictate the agenda and policies of the Union.
Which book does the speaker recommend for understanding Africa's economic situation?
-The speaker recommends 'The Bad Samaritans' by Ha-Joon Chang, which critiques the IMF and its activities in Africa and other continents.
What does the speaker propose as a solution for Africa's financial independence?
-The speaker proposes that Africa should finance its affairs through its own institutions and seek funding from African millionaires and billionaires rather than external sources.
How does the speaker view the role of foreign NGOs and philanthropists in Africa?
-The speaker views foreign NGOs and philanthropists as neocolonialists with an agenda to control and manipulate African nations.
What historical figure is mentioned by the speaker in relation to Africa's financial independence?
-The speaker mentions Thomas Sankara, the former President of Burkina Faso, who advocated for Africa to stop paying debts and seek reparations for slavery and colonization.
Outlines
🌍 IMF and World Bank's Influence on Africa
The paragraph discusses the origins of the IMF and World Bank at the 1944 Bretton Woods Conference, where African nations were not involved. It highlights how these institutions were designed to control African economies, perpetuating a state of dependency. The speaker criticizes the IMF and World Bank for their role in economic enslavement and political control, suggesting that they use economic leverage to influence politics and governance. The paragraph also touches on the African Development Bank's inability to serve Africa's interests due to significant foreign influence, particularly from the United States, Japan, and the United Kingdom. The speaker calls for Africa to finance its own affairs and to rethink its reliance on external institutions, advocating for financial independence and the empowerment of African institutions.
💪 Self-Reliance and Resistance to Neocolonialism
This paragraph emphasizes the need for African nations to finance their own development and resist the control of neocolonial powers. It praises leaders like Thomas Sankara and John Magufuli for their efforts to finance national projects through domestic resources, such as taxes, instead of relying on loans from international institutions. The speaker criticizes the dependency on foreign aid and the influence it has on African politics, suggesting that African leaders should follow the examples of Sankara and Magufuli in asserting financial independence. The paragraph also discusses the potential for Africa to make international financial institutions irrelevant by refusing their funds and focusing on self-financing. The speaker calls for African leaders to respect themselves and their nations to gain respect from others, highlighting the importance of self-reliance and unity in the face of external pressures.
Mindmap
Keywords
💡IMF (International Monetary Fund)
💡World Bank
💡Bretton Woods
💡Marshall Plan
💡Economic Enslavement
💡African Development Bank
💡Neocolonialism
💡Thomas Sankara
💡John Joseph Magufuli
💡Self-reliance
Highlights
The IMF and World Bank were created in 1944 at Bretton Woods, without African participation.
African countries were later incorporated into the IMF and World Bank systems post-independence.
The IMF and World Bank are accused of being economic enslavers, designed to maintain perpetual dependency.
Control over a country's economy by these institutions is seen as a means to control its politics.
The presence of military bases is linked to the control exerted by foreign powers over African nations.
African armies are often trained by foreign powers, influencing their worldview.
The African Development Bank was intended to finance African affairs independently but has been influenced by non-African shareholders.
The African Union is largely financed by external sources, including NGOs, which can dictate policy.
The narrative calls for Africa to rethink how it finances its affairs to achieve true independence.
Greg Mills' book is recommended for insight into why Africa is poor and potential solutions.
The book 'Bad Samaritans' by Ha-Joon Chang critiques the IMF's role in Africa and other continents.
Dependency on the IMF and World Bank results in economies being mere shadows of larger economies.
Examples of Latin American countries breaking free from the IMF and World Bank are given.
The idea of raising funds from African millionaires and billionaires is proposed to reduce dependency on foreign funding.
Neocolonialists like George Soros and the Bill and Melinda Gates Foundation are criticized for their influence.
Self-financing through domestic resources, as demonstrated by Tanzania's hydroelectric power project, is praised.
Leaders like Thomas Sankara and John Magufuli are commended for their stance against foreign financial control.
The concept of 'methodical madness' is introduced as a necessary step for liberation from financial dependence.
A call for African leaders to treat themselves with respect and not be summoned to Europe and America.
Transcripts
uh when the IMF and the World Bank were
created in Breton Woods in New Hampshire
in the United States it was in 1944.
none of the African countries
participated in this creation it was
British and American economists and it
was specifically designed at that time
during the rebuilding of Europe the
implementation of the Marshall Plan and
when we regained our independence as
African countries were then grafted into
it
IMF and World Bank are economic
enslavers what they are designed to do
is to ensure that we are in a Perpetual
state of that you can never get out of
IMF and Bretton Woods institutions
generally because they want to ensure
that they control your economy and when
they control your economy they control
your politics and when they control your
politics they control you and when they
control you they bring in military bases
and when they bring in military bases
they could determine who governs you
because if you don't play ball they are
going to instigate their armies to
overthrow you because in any event
African armies want to be trained in
Sandhurst they still want to be trained
in the United States of America so they
have their world view is still dictated
by those foreign powers what we must do
as a continent is to use our Institution
for purposes of financing our Affairs
the African Development Bank was going
to be such an engine but you now know
that it has almost 88 here the second
largest shareholders the United States
of America Japan has shareholding the
United Kingdom as shareholders
shareholding they have seized and
captured and paralyzed African
Development Bank it is only African name
and as they say he or she who pays the
piper calls the tune
even this sanction that you see being
deployed against countries such as
Zimbabwe is because we don't have an
African institution and one of the
things that I hope that Africa and Union
will begin to do particularly when we
are going to celebrate 60 years since
the creation of the oau now Au in the
23rd 24th and 25th days of May in Addis
Ababa Ethiopia is to rethink how we
Finance our Affairs Africa in Union
itself is almost 70 percent financed
from outside
financed even by NGO such as giz and rol
vollenberg Institute and European ngos
and what they do is they simply tell you
if their gender is a climate they tell
you to go to climate if the agenda is
human rights now the main agenda is
lgbtqi they tell you if you don't behave
we are going to cut Aid
and
Greg Mills talks about why Africa is
poor and what Africa can do about it I
think that this will should look at
these books and what they have writing
written in terms of research very keenly
there's a good book which has been
written by the Korea Hai Jun Chung
called the bad Samaritans and in the bad
Samaritans the actually specifically
talks about and against the IMF and its
activities in the continent of Africa
and in Latin America and elsewhere and
arrives at the conclusion
that as long as we are dependent on IMF
and World Bank our economies are simply
going to be Shadow economies of the
American economy or the Russian economy
or the Chinese economy of the British
economy or the European Union economy
and the time is now
Latin America at a certain stage Chile
and Argentina actually and Brazil
succeeded in winning themselves of the
breasts of the IMF and World Bank we
must now do it
if we don't you'll be amazed and even at
a small level we can make all these
organizations irrelevant than neither
cedar or this little organization we
tell them we don't want your money they
give you a hundred thousand dollars they
think they own you and own your future
generation they ask you to provide
report every week and they proceed from
the premise that you are Thief you are
stealing from them anyway you have no
Independence your dignity is lost so
today
through my Foundation now we want to
raise funds but only from Africans
it's possible that they are African
Millionaires and billionaires who if we
are able to persuade them that we are
going to do a good job should be the
ones that are going to finance and fund
us
not some not George Soros
or Bill and Melinda Gates or Tony player
Institute these are neocolonialists
whose only agenda is to control us and
to manipulate us and when they sit they
look at us and say oh this God forsaken
people and you can see why they react so
aggressively when individuals like
Sankara said we are not taking we're not
taking loans or even magufuli who I
believe
demonstrate and I had a meeting several
meetings with John Joseph Pompey
magufuli and he said we are going to
finance our activities through the taxes
that we raise and indeed the Joe Julius
camaraderi hydroelectric power was
financed almost exclusively through
Tanzanian resources the gusts from tuara
to ran Salam the same thing the sgr
almost the same thing it can be done and
he demonstrated that it can be done and
John Joseph pompe maguful is one person
who said I'm not even going to attend
these useless meetings and they never
did and he never did he said we have our
embassies in those places what is the
work of our ambassador Thomas
Sankara said in 1987 at the meeting of
the oau at that time he said we should
even stop paying the debts in any event
we deserve reparations for slavery we
deserve reparations for colonization and
if we take a joint decision as Africans
that we are not going to pay debts what
will they do to us will the nuclear bomb
us all of us
so their needs and Thomas Sankara was
right that in order to liberate yourself
from some of these things some element
of methodical Madness is necessary
indeed yeah it is and he understood the
the danger that came with saying that of
course because he told them if they
don't agree they don't join him he won't
be back in the next meeting absolutely
and and he knew Tomah Sankara actually
knew and he said he knew was planning
his murder and he knew it was his best
friend and they said if it is him have
no defense let him betray me but I won't
say that and and you've got to have
something like that not these
individuals now you see the African
leaders saying oh they agree with what
I've been saying all along that they
should not own 54 of them be summoned to
Europe and America but you wait during
the coronation of Charles
they'll once again be trooping to London
and they'll be headed into buses again
then they'll come back and complain so
you must treat yourself with respect if
you want to be respected
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