IMF LOANS: AN ADDICTION AFRICA CAN DO WITHOUT

In 2023, Tunisia boldly rejected the IMF's demands to eliminate subsidies on essential goods like fuel in exchange for a $2-billion bailout. In stark contrast, Kenya and Ghana capitulated to the IMF's insistence on harsh structural reforms, including privatisation and the removal of subsidies, which ignited deadly protests. Now, a year later, Tunisia (though not out of the woods economically yet) appears on the path to recovery, having effectively managed its economy without the interference of the IMF, while Kenya and Ghana find themselves on the brink, grappling with spiralling debt and a deepening cost-of-living crisis. The lesson is that African leaders should take inspiration from Tunis and steadfastly reject neocolonialism in all its forms, choosing instead to govern with integrity and self-reliance.

Sources:

https://www.barrons.com/news/tunisia-s-saied-rejects-imf-diktats-f50ee157

https://www.aljazeera.com/news/2024/7/7/why-are-kenyans-angry-with-the-imf

https://www.reuters.com/world/africa/tunisia-faces-rising-pressure-record-imf-delay-over-lack-reforms-2023-10-09/

https://www.worldbank.org/en/news/press-release/2024/11/12/new-world-bank-report-tunisia-s-economic-growth-and-prospects-for-its-tax-system