‘Careful, don’t replace shackles of yesterday with new ones’, Tinubu cautions African nations

President Bola Tinubu has warned that Africa will no longer be prey to sharkish economic policies by Western institutions.

Tinubu made this call on Monday when he spoke with his South African counterpart, Cyril Ramaphosa, when both leaders conferred ahead of the United Nations General Assembly in New York, USA.

A statement was also issued by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, titled ’President Tinubu advances stronger economic ties with South Africa: seeks reform of Bretton Wood institutions to strengthen economic resilience of developing democracies,’ detailing the President’s stance.

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According to Tinubu, even if it is done just out of their own enlightened self-interest, the hundreds of billions of dollars invested through International Development Financing, IDF, institutions over the years must satisfy the specific needs of growing democracies in Africa.

“We must join hands and agree that International Finance Institutions require reform as Africa is not to be a ground for economic scavenging any longer,” Tinubu said.

He further argued that “During the end of the Second World War, the Marshall Plan was established for the reconstruction and economic restoration of European nations through Bretton Woods institutions.

“Where has this presence been for Africa? We have to be careful not to replace the broken shackle of yesterday with a new set of shackles.

“You can not have a stable democracy in the presence of a poverty of knowledge and a starvation of people. Democracy without food on the table is a breeding ground for what will consume us, if care is not taken.”

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