Red Alert on IMF Africa’s New Adventure: Part 2


Step one is privatisation: Majority of African countries are now investor’s haven as a result of privatisation. Smart ones among us are on regular trips to South Africa, Israel and China to hound out hidden investors who have the cash to purchase, for instance, old public utilities like NEPA, NITEL and refineries. More often than not, these utilities are undersold to US-backed local oligarchs who then cream off billions of naira in profit. That was why Obasanjo almost sold virtually all Nigeria’s public assets to shady foreign investors and local friends and families.

Step two is market liberalisation: In theory, this is akin to encouraging Aremu Owolabi, Emeka Ifeagwu, Kim Sun, Peter Wilson, Dollin Holt, Kraus Botha, Shimon Netanyahu and Anton Milosevic to bring in money to invest in Nigeria. In practice, money actually flows out. Nigeria is currently investigating how this vermin infected our Power Sector through a public panel. The public panel has revealed that whooping billions were given to international and local investors as mobilisation fees and they all smiled back to their banks without completing the project the money was meant for. A Chinese investor who collected billions of Naira merely cleared an acre of land, ring-fenced it and zapped back to Peking. All the heavy electricity machineries paid for were not delivered. Even, Abacha’s billions were spirited away in Western capitals. Indonesia, Uganda and Brazil have had a dose of this bitter hemlock in the past. However, Uganda presented a classic case. In 1972, Idi Amin, largely consumed by hatred for his country’s economic-dominant Indian minority, issued a suicidal decree that melted Ugandan economy in days. When such scenario happens, it is impossible to persuade international speculators into returning a nation’s capital funds. Remember the many obstacles the West placed before Obasanjo in his drive to recover Nigeria’s loot in Western banks. So smelling blood, IMF would then walk in from the cold and demand that such fallen nation should up the ante and raise its interest rate.

Step three is market-based pricing: This is a coded word for immediate increase in the prices of food, fuel, kerosene, water, electricity and gas. In Britain, prices of gas, electricity and water have increased to over 100% in recent years. British are fed up and complaints have grown to pyramidal proportion. The constant trope is that half of their wages now go to service these utilities. As a motorist, I now spend £40.00 on petrol every week to and from work. Less than a year ago, I spent only £20.00 for the same itinerary. This crisis has now engulfed the whole world in its merciless coil. There have been riots in most capitals of the world. It happened in Indonesia in 1989 when subsidies were removed from food and fuel as demanded by IMF. That country turned into a burning butane gas for days. Other examples included the Bolivian ‘water war’ over water prices in 2000 and the 2002’s Ecuadorean anarchy over the hike in prices of cooking gas as imposed by the World Bank. Interest groups, labour leaders, market women and workers the world over are depressed but we have to look toward the two Washington buccaneers of IMF and World Bank for answers. According to Stiglitz, this is the most dreaded stage in the restructuring arrangement.

We also have to remember that with every remotely-engineered riot, the West gains. There will be desperate demand for bullets, tanks and tear gas to quell the rising tempers of rioters. And in an atmosphere of uprising, investors’ funds tend to develop aerodynamic wings. Capital flight becomes inevitable and this further plunges the country into bankruptcy. In all these grim contests, the clear winners are Western lending institutions and US treasury which owns 51% interest in IMF and World Bank. When an ailing nation is bloodied and defeated, the IMF will then move surreptitiously like a nocturnal thief to inflict the final fatal blow.

Step four is free trade: The engines driving free trade are World Trade Organisation and World Bank. As white South Africans, Europeans Indians, Chinese and Americans are today demolishing barriers to import in Latin America, Nigeria, Ghana, Liberia, Democratic Republic of Congo, Sierra Leone, Kenya, Ivory Coast, Tanzania and Zimbabwe, barricades are in turn, being erected in their own countries against trade or export from most Third World countries. For instance, how many bags of our local staple, ‘gari,’ yam and kola nuts do we export in the spirit of free trade compared to the virtual take over of Third world nations as dumping ground for all kinds of goods? Are we engaging in a fair, free trade with the rest of the world? No!

Recently, World Trade Organisation WTO was carpet bombed by a coalition of NGOs, Third World governments and labour groups. Even George Soros, head of the Soros Fund Management, in his book, “On Globalisation” admitted that WTO is biased in favour of the rich countries and multinational corporations. He wrote about the sheer disparity in the treatment of developed and developing countries’ products which I mentioned above.

From time immemorial, the founding fathers of these ‘jihadist-like’ organisations, both IMF and World Bank, have offered these four witchcraft rituals to every client-nation unlucky to come under their spell. That spell has led many Third World countries to come under economic hostage, against their will, by Strauss-Kahn and his army of dark-suited mafias. They could order financial blockade to any erring nation. Their ‘structural assistance’ to Africa has triggered more than 33% drop in income for the continent. How do we then avoid this enemy of the people? How can we avoid drinking IMF/World Bank cocktail of deadly hemlock? The answer is simple. Deny Strauss-Kahn future visa, declare him a persona non-grata in Africa or better still, tell him to get lost.

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