38th AUSummit, African Union Summit 2025

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📣📣📣The 38th AU Summit is themed: Justice for Africa and for people of African descent through reparations. African Leaders have come together addressing the historical and ongoing injustices faced by African nations due to colonialism, slavery, and exploitation.

However, as the continent fights for justice, and European powers having drained their resources, left broke; may once again turn to Africa as a new frontier for economic exploitation.
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HOW THE IMF KEEPS AFRICANS POOR

Financial-rights activist Alex Gladstein dissects the IMF's African operations in this video. Drawing on the case of Zaire (now the Democratic Republic of Congo), he reveals a pattern of the institution appointing its own officials to oversee African treasuries, fostering export-led economies, devaluing local currencies and striking deals with dictators.

In Kenya, protests erupted in June 2024 against an IMF-backed finance bill, with demonstrators accusing the government of jeopardising the nation's future by succumbing to the organisation's neocolonialist tactics. Currently, Kenya is in talks with the IMF to establish a new lending programme, following a $606 million loan granted in October 2024, further diminishing public confidence.

Instead of pursuing comprehensive solutions to Africa's escalating debt crisis or considering viable alternatives, such as progressive tax reforms, the IMF continues to implement policies that weaken the economies of African nations.

One way it does this is by granting them loans - but only on condition they privatise their economies and allow Western corporations almost free access to their raw materials and markets, the perfect way to lock African nations into poverty.

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‘WESTERN LOANS WE CAN NEVER PAY’

The International Monetary Fund (IMF) clocked 80 years this month. It was formed after the Bretton Woods Conference took place in New Hampshire, in 1944.

However, while the organisation insists it helps countries, a significant number, particularly in the Global South, have experienced a different reality.

For decades, the IMF’s been synonymous with austerity reforms that have brought economic ruin and misery to the most vulnerable. These programmes have forced governments to lay off workers, impose wage freezes and reduce social spending in order to pay back IMF loans. As a result, economic growth is stifled and countries fall into a so-called debt trap, where they need to borrow more to pay back existing debt.

In this clip, former AU Ambassador to the US, Arikana Chihombori-Quao explains how the IMF and other Western lending institutions exploit Africa. While they charge their ‘friends’ low interest rates for dollar loans, African countries get fleeced. Some commentators have called it financial apartheid, but Chihombori-Quao believes the game is up.

Listen to this interview she gave to US broadcaster Voice of America. She’s never one to hold back.

Credit: VOA Africa

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BREAKING: #Djibouti’s Foreign Minister Mahmoud Ali Youssouf wins African Union Commission chairmanship with 33 votes after #Kenya’s Raila Odinga was eliminated in round six. The veteran diplomat secured a two-thirds majority as the sole remaining candidate. #AUCElections #AU

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🌍🤝 Africa seeks economic integration with the world, while promoting intra-African trade, AU commissioner says

"We are committed to international cooperation and autonomy. We go there with our interests. We negotiate with the parties. Africa is growing, and we have to grow more. We have to integrate, and we will continue engaging with the rest of the world on the basis of mutual benefit," AU Commissioner for Economic Development and Trade Albert Muchanga told a media briefing at the 38th AU Summit.

The AU official emphasized the importance of interdependence rather than isolation, advocating for partnerships both within Africa and globally.

"Living in isolation is virtually impossible. We have to relate to other countries. We have to relate to resources. We need it to add value. We need to import it into the economy," he noted.

The African Continental Free Trade Area (AfCFTA) is a key initiative for boosting intra-African trade, creating a market of 1.5 billion people, Muchanga said, adding that efforts are underway to transform the AfCFTA into a customs union with a common external tariff to attract investment and generate opportunities.

At the same time, reforms in global financial architecture are also necessary, as Africa is advocating for greater inclusion of developing countries in decision-making processes, the AU commissioner added.

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