What Happened to Africa's Economy

What Happened to Africa's Economy

African is the second largest continent in the world after Asian. The continent which consists majorly of the black race consists of 54 independent countries.
However, Nigeria and South Africa make up almost 50% of this economy of the continent. This is going to be an interesting series and a panoramic view at history. This series will analyze the situation of Africa's economy during colonialism and the post-colonial era. Likewise, we will take a look at the current economic condition of Africa. Case studies of major African countries will also be discussed in the later series of this article.

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Africa’s Economy during the Colonial Era

Most African countries before the colonial era were known to have the majority of their people as farmers. They were either commercial farmers or farmed for personal consumption. Other major occupations included hunting, blacksmithing, weaving and a couple of others. Relatively, the economic state of the continent was fairly okay.
But, then the Europeans can in. The European countries in an attempt to exploit the wealth (man power and natural resources) in Africa came to colonize her people. The colonial rules ensured the planting of large cash crops and then bought them at giveaway price to trade in Europe.
The colonial rule also ensured the lands and their resources were exploited and exported to European countries. This was used to develop their countries while the African continent was left largely undeveloped.
British and French, the major colonial masters over the regions of Africa, traded so well with resources exploited from Africa.

The Effect of Colonialism on Africa’s Economy


Africa's play on the world trade platform as a whole can be traced to imperialism and the colonial era. The colonial rules and their operation in Africa had a lot of effects on her economy. They include;

Introduction of ineffective economy
The economic system of Africa was disorganized by the colonial masters. The production of goods, market operation, and trade pattern adopted were to the disadvantage of Africans.
Underdevelopment of the African countries
To ensure the profiting of the colonizers, they ensured that the African people focused more on the production of goods meant for exports. Meanwhile, the production of goods that can enhance the development of the country was dissuaded.

Disorganizing the traditional market system
To introduce the tax system, the main African market system was stopped. This action resulted in a great decline in economic growth in Africa.

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Africa’s Economy during the Post-Colonial Era

As much as we try to blame the colonial master, Africa’s economy has also suffered a great deal during the modern era as a result of its lopsided policies in world trade. Africa entered into a policy world trade policy system that was rigged in favor of the major founding nations. This consisted majorly of European countries, Asia and the US. You have probably had the G8 before. The World Bank and the IMF have also been accused of meddling in the economy of the continent.
The incompetency and dishonesty of her leaders is also a major reason for her economic downturn. The Civil Wars across the majority of African countries resulted in a great decline in its economy.
After the departure of the colonial masters, African countries lacked the needed expertise, to maximize their resources. And, greed within the political powers constituted a great deal to the downward turn of events.
It is not all a tale of woes and doom however. The economy of a few African countries has been witnessing an upsurge since early 2000 due to growth in the macroeconomy, improvement in leadership, and integration of technology. Rwanda is a good example.

Conclusion

The economic condition of Africa is still in the recovery phase from the effect of colonialism. The underdevelopment of its counties is a result of this period and also bad governance. More insights about the Africa economy will be discussed in the later series of this topic.

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Comments

marveltimmy 06 Apr '21
I learnt . Thanks for this
nafsy 06 Apr '21
Colonialism did us harm
maceke 06 Apr '21
Yes the effect of colonialism is still affecting our economy. But I thank God for the coming of crestway. Wich is a timing intervention.
umoh 06 Apr '21
Information is power, thank you
idowu_omohu0001 06 Apr '21
Great information
fagbohun 06 Apr '21
Good information.
muhammad 06 Apr '21
Educative piece
toby 05 Apr '21
Wow... thanks
dareakins 05 Apr '21
Thanks for the information
bimak 05 Apr '21
Informative
gs49 05 Apr '21
Realllllllly??
nwokedi 05 Apr '21
Kudos!! Crestwaytrade!!!
feargod 05 Apr '21
Nice research, true talk
mamahilda 05 Apr '21
Welldone .
ifeoluwa 05 Apr '21
Thanks. Namaste
rosysexy19 05 Apr '21
Nice piece here, awaiting more pls
ofure 05 Apr '21
Nice. Thanks for all u do
julietmichael 05 Apr '21
Knowledge is indeed power.. Thsnk u crestway
adeyemiba 05 Apr '21
Very insightful
samsono 05 Apr '21
This is really a nice historical overview.. Very educative I use to think this colonialism was the best thing we ever had in Africa
mkumz01 05 Apr '21
It's very very educative
olad 05 Apr '21
Hmmm very informative
umoh 05 Apr '21
Africa is moving forward
adave 05 Apr '21
Insightful
olaknight 05 Apr '21
Wow crestway all the way
ajuluchukwu 05 Apr '21
Surest way
97242835gc 05 Apr '21
Crestway thanks for the info
jonathanchama 05 Apr '21
Other African countries should learn from Rwanda,in other to revive their economy.
amodumujeeb 05 Apr '21
What a brilliant summary of African Economy! Though there is effect of colonization on our economy, the various govt too are not helping. I believe we are in neo- colonization period
ogugua 05 Apr '21
Crestway keeps educating us
evedyne 05 Apr '21
Awesome what we are facing to day is the fault of the cononial masters but no need to blame we have to change things
tosyn 05 Apr '21
Thanks for the insight
ayakaterver01 05 Apr '21
Crestway trade is a good avenue for alternative income creation
fagbohun 05 Apr '21
It's nice.
fagbohun 05 Apr '21
It's educative
fagbohun 05 Apr '21
Very deep.
jgreat 05 Apr '21
What are your friends waiting for, tell a friend to tell a friend. Let's enjoy unlimited benefits together. CRESTWAY THE WAY.
thesecondson 05 Apr '21
Colonists brought us down
saunobele 05 Apr '21
That is the good information
chosenboy 05 Apr '21
Thanks for sharing
julies 05 Apr '21
Africa....
adebiyi 05 Apr '21
hmmm, so thick
adebayo 05 Apr '21
colonization was based on exploitation, one of the reason we havnt recovered
aliwa 05 Apr '21
Thanks for the informate
adline 05 Apr '21
This is nice..
jwealth 05 Apr '21
Crestway the baddest
aliwa 05 Apr '21
Crestway d only way
johnagha 05 Apr '21
Africa.....
ijebs 05 Apr '21
I believe that if we wer colonized jst a little bit more, the country would hv been better of, cos most of the things we enjoy nw r stuff from back then ...
pantheon 05 Apr '21
We learn everyday, an added advantage
vychthur 05 Apr '21
????... crestway,a company with a clear vision
pantheon 05 Apr '21
Everyday new thing is learnt, ride on Boss
omolejerome 05 Apr '21
Lol, how African underdeveloped Africa, hiding under the auspices of how European underdeveloped Africa.
ayotunde 05 Apr '21
Nice one..
necessity 05 Apr '21
Very educative
bolurepublic 05 Apr '21
Great article.
op3y3mi 05 Apr '21
Great insight ????.
rosysexy19 05 Apr '21
Nice one crest way, awaiting more
stevoo 05 Apr '21
Well package article
temi 05 Apr '21
Corruption
egbuonye 05 Apr '21
This is good
iykezcul 05 Apr '21
Rebuild, we must.
michael95 05 Apr '21
Great read!
maceke 05 Apr '21
This article is educating and interesting. But I thank crestway that came in to rescue this Africa's economy. Gudos.
pedromartine 05 Apr '21
We just have to sit tight and rebuild the economy
omobamibo 05 Apr '21
Great job with the article but I beg to differ, Africa isn't recovering, you can't place something on nothing and expect it to stand. If it's wrong from the beginning it will always be wrong, what we need is a reboot
parckadity 05 Apr '21
Crest way my first love what shall separate Me from u?
xcellent 05 Apr '21
Very educative tread
kenhinde 05 Apr '21
In anticipation for the next series, on Africa economic, God bless Crest way trade for this insight, thank you.
aliwa 05 Apr '21
Africa shall rise again
oladiti 05 Apr '21
Great read. However is unfair to blame our economic condition and bad governance on decentralized economy practiced during the colonial Era. I don't agree with the statement "Africa economy is still in the recovery phase ".
kingdomnwikina 05 Apr '21
It's Educative
kadri 04 Apr '21
Thanks for sharing...
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