Recent World Bank figures indicate that Africa has been sustaining a steady rate of economic growth over the past decade, now on par with global rates. These figures are based on conventional indicators such as access to infrastructure and foreign direct investment. The chief economist for the World Bank, John Page, has attributed this to the fact that "Africa has learnt to trade more efectively with the rest of the world, [and] to rely more on the private sector..." While we are happy if this is indeed the case, the Dread team thought we'd have a closer look at what this recent projection means for Africa and for Africans.

While it is clear that the sucess is tempered by some remaining challenges, the Dread team laments that the majority of this growth occurred in developing economies that are rich in oil and natural resources, making them very vulnerable to world market price fluctuations for these commodities. Even in the sector of agriculture where most African countries continue to specialise, and which occupies most of their employed adult populations, there has not been enough stability in world market prices in period covered by the report to allow steady income for poor countries.

The behaviour silenced by this World Bank report on Africa is that of the rest of the world that introduces and maintains discriminatory practices for granting huge agricultural subsidies to their domestic farmers to exclude the products of other nations in their markets, making it unprofitable for poorer nations to compete with these heavily subsidised economies. The matter is one of plain injustice and inequity in world trading power. Rather than mask the reality of the hypocritical behaviour of the powers that be at the World Trade Organization, the IMF and the World Bank, we must denounce the agenda of underdevelopment imposed on the rest of the world for the benefit and enrichment of the priviledged few. This report is only trying to say that Africa is ready and open for business, and to the highest bidder! (This view is confirmed by a recent Economist article on banking investment in Africa at http://economist.com/finance/displaystory.cfm?story_id=10146637 )

Indeed, one must view with vigorous scepticism any assertion by the World Bank, which has long been suspected to be little more than a profiteering racket by powerful Western enterprises. The World Bank is characterised by a long track record of disregard for indigenous interest in the context of loans to developing nations. It favours multinational businesses and is almost unabashedly an instrument of their penetration into virgin markets. These multinationals require a trade advantage in developing nations and the World Bank serves to facilitate this. This is why we are particularly suspicious of the indicators being used by the World Bank. As is often the case, a tendency towards privatisation is viewed as a positive indicator, despite the many anecdotes of failed privatisations in both developing and developed contexts. Again, the World Bank has revealed its unsympathetic vision for Africa. It is clear that they are encouraged by Africa opening her shores to the tenacious tentacles of global corporation, but should we be?

The alternative vision which we take is that the number one indicator that should matter for Africa and the world is the human development index. In truth, the level of economic performance and stability are primary and important to infer levels of safety of investment for instance, but nonetheless will be reflected in the overall human and social attributes of that nation. Increasing the proportions of children in schools, creating jobs, maintaining quality basic energy and telecommunication infrastructures, improving through local entrepreneurship and innovation; all these advances will be reflected in the overall human development performance index. It is time we abandon a myopic view of the condition of humanity. A holistic and honest approach to where our challenges lie and how to cooperate to overcome them together is a surer way. Until there continues to be European growth, and Asian growth and African growth, we will never dream big enough to reach the potentials of world growth.

Bless forward

Dread Team