The African Diaspora Alone Sends A Recorded $60 billion Annually in Remittances to Africa: Why New Scramble for Africa’s Resources?
Alagi Yorro Jallow
African Presidents lined up to get a doggy biscuit and a pat on the head from the new colonial master. Not nearly enough, because Africa, the richest continent in the world, are watching the recolonization and the“new scramble for African resources” of Africa, courtesy of the new breed African Presidents and the African Union. All this obsequiousness for $60 billion financing for Africa?
The African Diaspora alone sends a recorded $60 billion annually in remittances to the continent, but the African Union is not smart enough to engage its Sixth Region (the Diaspora) in partnership for development, financing Africa’s infrastructure deficit and investment in Africa?
Western critics especially the United States and the twin brothers, the International Monetary Fund (IMF) and World Bank Group of Chinese investment in Africa are jealous. Now, international experts are mulling over the new Chinese proposals, which some fear will create a new debt trap for many African countries.
The United States, the IMF and the World Bank wish they were the ones leading the Second Scramble for Africa. It’s been sleepless nights in Washington D C where think tanks are sparing no brain cell trying to out-think China. Organizations with Africa Program departments are suddenly alive and alert and not in the least embarrassed about it.
Why African leaders are wrong about Africa -China Partnership: They thinks China is a friend of Africa because it’s not arrogant and pushy like Americans and Europeans. The United States and European Union loans to Africa have strings attached unlike China’s investment in Africa does not come with any political conditions attached and will neither interfere in internal politics nor make demands that people feel are difficult to fulfil. If there’s any African president unaware of the fact that China has eaten Africa for an appetizer, is eating Africa for its main meal, and is preparing to feed on Africa for desert, then those presidents does not deserve a second chance in office. Just to say that those Presidents knew about the nitty-gritty of the deals that look too good in the short-term and they don’t feel like fighting a benevolent scheming power.
Beijing is in active pursuit of new oil and raw materials and mining concessions for its manufacturing sector and Chinese aid will only go to countries that recognize it as the legitimate and only voice of the Chinese people.
What President Adama Barrow’s propagandists are not saying: There’s been new effort to manufacture a legacy for Adama Barrow. He’s being made into a hero for “initiating” exclusive partnership deals with China. They’re not telling you that the Gambia was on China’s crosshairs long ago after former President Yahya Jammeh rescinded diplomatic ties with Taiwan and restored diplomatic relationship with Beijing. For Beijing, it doesn’t matter who got into power. China was going to offer the Gambia a deal and plans to completely control the Gambia’s oil and gas resources as well as its seaport. Unless Gambians smarten up with the next leader. Study up on China’s Belt and Road Initiative (BRI) and see that the main entry point in Africa is the Gambia. Sri Lanka and Zambia are another key point. Those two countries have already defaulted, and China is taking over its economic sovereignty. The fear is that many African countries will become stuck in a debt trap, undermining economic development, just 13 years after the Multilateral Debt Relief Initiative, which cancelled debt for countries that met economic-management and poverty-reduction criteria.
The Gambia is also one of the five most indebted nations in terms of money owed to foreign creditors such as IMF and countries like China — a total mounting debt of $ 1. 2 billion which is equivalent to 58 billion (Dalasi); 52 % of which is coming from external source — along with South Africa, Angola, Ethiopia, Zambia and Ghana.
“China’s investment is often in the form of equipment, materials and a skilled workforce,” the Times newspaper said in an editorial. “But when it comes to paying back the debt it wants hard currency. Failure to pay a debt is already leading China to seize strategic assets in lieu.”
Malaysia is another point and they got a new leader who’s saying heck no, take back your poisoned chalice China!
The high-level meeting between President Xi of China and 54 African nations, Beijing pledged $60 billion package of loans and aid create a new debt crisis for the continent for vitally needed infrastructure and investment for the African continent. Critics have hit out at China’s plan for $60 billion worth of loans to Africa saying there is a real concern that it could create a new debt crisis.
The Forum on China-Africa Cooperation (FOCAC) in Beijing, Chinese President Xi Jinping presented a development framework built around eight initiatives: Industrial promotion, infrastructure connectivity, trade facilitation, green development, capacity building, healthcare, people-to-people exchanges, and peace and security.
The Chinese also pledged to support Africa in achieving food security by 2030, expand exchanges and cooperation in addressing climate change and create a joint peace and security fund. And there was, of course, China’s Belt and Road Initiative (BRI) — the most ambitious global infrastructure project in history that involves 76 countries in Asia, Africa and Europe. Beijing suggested, quite reasonably, to formally link BRI with Africa’s continental infrastructure vision.