With the majority of the world ' s arable land , for example , and with food pressure high and malnutrition still a scourge , it would be important for African farmers to stop mass-producing cash crops such as co ee , which only serve to make former colonies comfortable , and start growing food crops and livestock on an industrial scale , to feed local populations on a descent scale . A key strategy for reducing the high cost of living in Africa is to promote economic diversification and industrialization . Many African economies remain heavily dependent on a narrow range of export commodities , making them vulnerable to fluctuations in world prices - world prices that are controlled by the West . It is an aberration that the customer sets the purchase price : an essential rule of trade and free trade is thus flouted , favoring a dishonest imbalance in the terms of trade . African countries have to process their production for local consumption , in this case , hydrocarbons , of which the continent is cruelly lacking in finished products , even though it produces su cient raw materials . This lack of energy does not facilitate adequate investment in sectors such as manufacturing , technology , and services
African countries must reduce their dependence on volatile raw materials markets by creating new opportunities for employment and wealth creation , through the transformation of raw materials , which should boost their economies and raise the standard of living of their populations . Good intentions are not possible without tackling monetary servitude , which African states must have the courage to banish . By having sovereignty over the printing and circulation of their currencies , African countries will exercise greater control over the fluctuation of their currencies by strengthening the independence of their central banks and implementing sound monetary policies .
This means taking measures such as setting interest rates , managing exchange rate regimes and regulating the money supply to stabilize the currency and mitigate external economic shocks . It is shameful that in countries controlled by the French CFA , we find ourselves with a lack of liquidity , including to pay civil servants , whereas a sovereign state in the event of a crisis can use all the techniques that would enable it to get out of bottlenecks , such as printing money , controlling inflation and exchange and interest rates .
Flashmag ! Issue 147 January 2024
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