Africa and the Global Crisis : Time to Throw Away Neo Liberalism

The economic activity in African countries, was devastated by the financial and economic crisis that swept away small businesses, firms, mines, jobs, revenues and livelihoods; compounding existing challenges and shocks of the highroad and energy crises; and undermining poverty eradication and social development programmes. Consequently, it should be recognised that the crises will adversely impact on women and other marginalised groups who are often less equipped to deal with economic shocks. At the same time, the multiple and simultaneous crises have brought to the fore the fragilities inherent in Africa’s economies and their subordination within the international economic order. In particular, the crises have highlighted the continued dependence of African countries on the export of a narrow basket of primary commodities, and on the import of most other products, especially manufactured goods.