Zambia’s founding president Kenneth Kaunda hit out on Wednesday at ”globalisation with slave trade”, accusing western financial institutions of exploiting Africa.
”I believe in globalisation. But not the globalisation with slave trade which I am seeing,” the veteran southern African politician told a press conference.
Kaunda, who was voted out of office in October 1991 after 27 years, called on African governments to unite and call for the ”democratisation” of the International Monetary Fund (IMF) and the World Bank.
The Zambian government, which has an external debt of more than $6,5-billion, is under pressure from the IMF to privatise the state-owned commercial bank in return for one billion dollars’ debt relief.
But Kaunda blasted the privatisation of key state-run companies, saying previous sales had failed to develop the country.
Kaunda, who had run a socialist government that saw him nationalise private companies, said private entrepreneurs were motivated by profit alone, and not the desire to develop the country.
He urged President Levy Mwanawasa to allow the state to continue running the remaining state-owned companies. – Sapa-AFP