BY: MAVIS OFFEI ACHEAMPONG
Decades of fixed exchange-rate regimes, centralised control over foreign reserves, and restrictive credit allocation policies have locked African economies into cycles of dependency shaped largely by the interests of the Global North.
On the sidelines of Youth Scholars Meeting in Dakar, Senegal, the Africa Regional Director for Research and Policy at the International Development Economics Associates, (IDEAs), Mr. Ndongo Samba Sylla, stressed that countries in the region must invest directly in their own natural resources and build strong domestic revenue systems to reduce reliance on external actors.
He added that Africa’s debt restructuring challenges and continuing financial dependency make it urgent for governments to adopt alternative and promising policy strategies that place national development at the centre.
Mr. Sylla noted that reclaiming control over key economic levers is essential for long-term stability and shared prosperity.
He concluded by calling on African governments to reimagine money and finance not as neutral mechanisms, but as contested spaces tied to sovereignty, development, and self-determination.
According to him, ensuring equitable growth requires bold reforms that strengthen African ownership of its economic future.
