African governments have been pressing for greater influence in the IMF and World Bank, and even lobbying for a restructuring of the global financial architecture in relation to these institutions. However, why do African governments feel they need these institutions when they have an untapped reservoir: the economic power of the African Diaspora!
If institutions do not give you a seat, just create your own table. I will illustrate my point using the 2022 African diaspora remittances compared to loans and grants by these financial institutions. A few qualifiers:
-Between 2020 and 2022 the IMF provided more than 50 billion dollars to the region, so I put the figure of $25b for 2022 to be generous.
-I calculated the AfDB figure by adding all the loans and grants publications from 2022 on their website.
2022 African Diaspora remittances: ~$100billion
2022 World Bank loans: ~$30.8billion
2022 IMF loans: $25b
2022 AfDB loans and grants: $3.5b
Based on these figures, the estimated total remittance of the African diaspora for 2022 is double the total loans and grants given to Africa by the World Bank, IMF, and the African Development Bank combined.
Yes, give that epic realization a few moments to sink in and do its work!
Currently these remittances are dispersed, but what would happen if African governments harnessed and targeted them for development and nation-building? The AfDB has started exploring such possibilities. These remittances do not even account for the vast economic power of Africa’s wealthy citizens aboard who could pool money to fund special investment initiatives in Africa if the financial structure and safeguards are put in place.
It is lack of transcendent leadership, strategic vision, and disciplined governance in Africa that fails to think in an all-embracing manner and energetically harness the resources of its African citizens in the diaspora. The African diaspora is wealthier than these institutions combined so Africa does not need these institutions, Africa has only been taught to believe it does.
What Africa needs is proper leadership that looks deep within, forms a strategic vision, and employs its own physical, human, and economic resources to realize the vision. To do this, African governments and institutions must first be repossessed by genuine leaders committed to higher values and indigenous progress who govern for the welfare and development of the people.
African governments, remember the economic power of your citizens in the African diaspora. Stand up and take control of your own destiny. You have everything you need within your own spirit, the African continent, and among your people. You only need to harness it.
~Dr. Ikenna Ezealah
*Picture sourced from Pew Research Center*
Nation Upbuilding 