In 2019, The Economist magazine carried a cover story with the headline “The new scramble for Africa”, which heralded a new way of grabbing natural resources or, in other words, “soft power” on the continent.
Governments and businesses from all around the world are now willing to strengthen diplomatic, strategic and commercial ties with Africa. Among the new actors are Turkey, Japan and The Gulf countries, along with China and the US.
This cannot be seen simply as trade wars over Africa.
Often when African countries initiate their own economic policies, they are hampered by global challenges and restrictions. Afropessimist discourse has been invented to undermine democratic transitions in young, independent African countries in order to justify their continued exploitation.
Proxy wars will be waged over Africa as long as the continent remains dependent on foreign investment.
Africa seems to be appealing to the world again and recent strategies and diplomacies around the continent show the scope of this interest.
In May, American academic Walter Russell Mead raised issues on US policy on Africa and called for change. He pointed out that Africa has grown economically and this growth will continue. That is the reality.
Since mineral resources and commodity production in Africa are of importance to the rest of the world, the vital question that arises is how to keep most of the benefit of these resources in the continent.
US President Donald Trump’s recent tariffs on South Africa clearly shows claiming your own resources does not always yield, since we are all conscripts of globalisation.
Handling these complex issues is not free of foreign dynamics as well.
Horman Chitonge’s Reclaiming Economic Sovereignty in Africa is a timely call for economic independence in the face of global challenges. The book looks at the possibility of economic power which would enable African countries to serve and prioritise their own people.
The main argument of the book is how African countries can establish economic stability by using their own natural resources. Countries rich in natural resources can leverage these assets to drive industrialisation, boosting their productive capabilities and reducing reliance on primary commodity exports.
Chitonge argues successful implementation of this strategy can enhance economic independence by decreasing reliance on foreign resources, such as capital, goods and technology. By building on their natural wealth, countries can create opportunities for sustainable economic growth and gradually reduce the vulnerabilities that undermine their economic independence.
He also maintains that the strength of an economy is premised on a country’s degree of dependence on other countries: “While countries today are interdependent on each other in such a way that there is no single country that can exist on its own, it is the level of dependence which determines the degree of autonomy a country enjoys.
“If the available natural wealth on the continent was exploited to benefit African peoples, we would not be seeing the levels of poverty and inequality which have come to define the continent for several centuries.”
Chitonge believes the industrialisation of Africa is a hallmark of economic independence. Unless natural resources are used as strategic assets to promote industrial development, economic sustainability will remain dependent on foreign capital.
One of the striking points he makes is the outcome of the Covid-19 pandemic, which allowed African countries to realise the importance of building productive capabilities in the manufacturing sector.
In reclaiming and strengthening economic independence, the first step, he says, should be “building productive capabilities which play a central role in enlarging a country’s agency and options not only in the economic sphere but in other spheres as well”.
One of the important issues here is the possibility of economic autonomy in the face of globalisation.
Since countries with vulnerable economies are not in a position to make decisions, what is the solution to unpacking their potential?
Reclaiming Economic Sovereignty in Africa is an urgent call for African countries to rethink their approach to their vast natural resources and transform it into wealth.
Reclaiming Economic Sovereignty in Africa is published by Anthem Press.