GLOBALIZATION AND AFRICA'S ECONOMIC SOVEREIGNTY: POLICIES OF IMF AND WORLD BANK IN AFRICA REVISITED
Keywords:
Globalization, Africa, Economic Sovereignty, International Monetary Fund, World BankAbstract
The study investigated the influence of globalization on Africa’s economic sovereignty, focusing on the policies of the International Monetary Fund and the World Bank in the context of the concern over the adverse influence of policies of the international economic organisations on Africa’s sovereignty. The objectives of the study are, therefore, to examine how agents of globalisation have entrenched a cycle of dependency and economic vulnerability in Africa through their various policies as well as the pathways for Africa to reclaim her economic sovereignty in an increasingly interconnected world. Utilizing the World-Systems Theory, it employed explanatory research design as well as documentary mechanism of data collection and content analysis technique for data evaluation. The study revealed that while globalization provided opportunities for growth, it also worsened Africa’s dependency on foreign economic actors, particularly through the imposition of structural adjustment programmes and pressure for privatization. It also found that despite increased regional cooperation, Africa’s sovereign states were sidelined in global decision-making processes dominated by Western powers while the international financial institutions often undermined local industries through lopsided policies. It therefore recommended the need for Africa to assert its economic sovereignty through economic diversification and regional integration in order to navigate the complexities of globalization while safeguarding their national developmental interests.References
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