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‘African Countries Gain by Trading with Each Other and Not by Begging for Aid’, President Kagame

Outspoken President of Rwanda, Paul Kagame has once again called on African nations to stop begging for external funding from foreign counterparts and instead work with their own resources, which are available in plenty.

He was speaking during the opening of the African Leadership Forum, where he asked African leaders to control illicit financial flows, improves taxation and adds value to its raw materials.

“The value of illicit financial flows, evaded taxes, and commodity extraction greatly exceeds that of foreign aid. But, we have to take responsibility for the misallocation of Africa’s resources and take steps to correct that,” he said.

He further added that despite having resources it needs and the means to acquire the ones that are unavailable, Africa is still bent on borrowing.

“In Africa, we have everything we need, in real terms. Whatever is lacking, we have the means to acquire. And yet, we remain mentally married to the idea that nothing can get moving without external finance,” he said.

Kagame, who was among the first African leaders to sign the African Continental Free Trade Area, said the pact was an important aspect of regional integration that will foster development.

“The entry into force of the African Continental Free Trade Area is set to significantly increase trade within Africa, and consequently improve tax collection, we gain immeasurably by trading with each other, and lose so much when we don’t.”

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  1. But you were there in China Too for China Money sir. Respectful sir I like you but you led your other begging presidents to China when as a Chaman of the AU you could have asked China to come meet you in Adis for you to present a collective position. Yes we can’t be in isolation but AFRICA has so much than just begging for money without a proper strategy for China to not take advantage of individual countries lobbying separately?
    Africa can do better sir, borrowing us been the norm for the last 50 years and nothing significantly, could this same approach be used going forward into another 50 years????
    Why can’t AFRICA used its super abundant resources as competitive advantage to do syndicated loan to comprehensively change the foundational structure of Africa????

  2. “Value”, measuring “value”… It’s like measuring beauty. Value is in the eye of the beholder. What is priceless for someone can be less than useless for another, it can be detrimental.

    So to “measure”, a scientific action, something that is very far from being objectively measurable is an exercise in futility and can only lead to disconnection from reality, the very disconnect we see right now everywhere.

    Which leads to my position: measuring and allocating “value” with a currency is exactly what lead us where we are.

    You can measure usefulness, if an object can fullfil a human need, but you can’t measure value, since the value can spawn from a human desire/want, something which is entirely in the head of a person ( or numerous persons ) and has nothing to do with the reality of human needs ( and often goes against such needs ).

    Someone can value something which has no human need fullfilment utility. That value is rooted in psychological disorders, like the hoarding issues that plague our current system. Worse, when that value is given a measure, turns into currency demand which supply tries to meet, this “value” often times deprives the fullfilment of another’s human need, because his need is not backed by currency demand.

    That’s the main problem with assigning value and currency. It never leaves the money sequence, it doesn’t care about human need ( and reality in general ). It dissolves that need into currency demand, but also the wants, so you have useless psychological disorders ( wants ) competing for resources with actual human needs.

    The moment you try to assign value via currency, it’s over. Wants and needs are treated not only equally, but usually the currency demand will tilt heavily towards the wants, not the needs.

    Results? Food for 11 billion people with 7.5 billion pop? 36 millions uselessly die of starvation each year, 1 billion chronically underfed, 500 million chronically starving, 800 millions obeses… Currency demands junk food while there’s no currency demand for health food for those who starve.

    #PostCapitalismCantHappenSoonEnough

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