38 Comments

Thank you so much. This is all new to me.

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author

🙏🏾🙏🏾🙏🏾

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Feb 6Liked by Magatte Wade

This is so insightful and inspiring! I totally agree with you ❤️❤️

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Oct 30, 2023Liked by Magatte Wade

Great text, lots of valuable informations!

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Oct 25, 2023·edited Oct 26, 2023Liked by Magatte Wade

My time in South Africa was limited to a couple of years, Swaziland and Mozambique much less, but my marriage into Afrikaans culture continued beyond that, as did the scars of shame. I wrote a novel to try to turn them out into the sun: https://theglasshouse.substack.com/p/1

I cannot hold in my mind a vision of African poverty that is not reconciled with stolen African wealth; the Afrikaans - and English - life that I experienced there was carved from it. The story I wrote hinges on a twenty Rand note. Its value was determined wholly by its bearer.

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Oct 23, 2023Liked by Magatte Wade

I got to add that I am a big supporter of your work to create conditions conducive to business in Africa. There is no need to go backwards, your focus is right on.

If this line of reasoning works for you then I don’t want to mess with that.

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Very insightful. Thank you!1

I'll respectfully add that the root causes for the burdensome regulations can be remedied if it was understood that :

1. Capitalism is economically superior to Socialism

2. Capitalism is MORALLY superior to Socialism

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Absolutely. The Marxist state socialism of many of our leaders at independence was profoundly un-African. In every nation where it was imposed, the result was poverty and violence.

Now, many nations are stuck in a state of either socialism, which is hopeless, or crony capitalism, which tends to be slightly better but is still not conducive to true prosperity. Entrepreneurial capitalism is our only way forward.

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Oct 23, 2023Liked by Magatte Wade

Yes! "The Heart of a Cheetah" makes that very clear. I hope it's read by millions.

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Thank you so much! 🙏🏾

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This is so powerful! Thank you for shedding light on these issues!

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Thank you so much! And thank you for sharing my post, too! 🙏🏾❤️🙏🏾

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Thanks for the nice read. Never thought of it this way.

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Well, this is an interesting point which unfortunately still misses the point. Bad business laws are NOT the root cause of poverty in Africa. Like everything else, it's simply another CONSEQUENCE.

To keep it simple. Why are taxes and tariffs so high? Because our economies vastly rely on external debt denominated in external currencies to fund their growth. Which debt has to be paid back usually in currencies we do not control.

In most of West-Africa for instance (I'm originally from Togo), over 40% of the annual budget is completely dedicated to the service of the debt. And where do governments that don't print their own currencies or decide for some reason to FIXELY peg them to foreign currencies, get their money? Well, taxes.

It's an endless cycle.

Also, because of our lack of monetary sovereignty, we need almost exclusively have to rely on imports and foreign investments to fund our growth, which automatically nullifies any industrialization efforts. Keeping our private sector dramatically fragile.

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"... we have some of the most challenging business environments in the world" and whom is creating such Reality?!

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Yes, we have generations of entrenched interests to overcome when it comes to the current over-regulated systems. This is why I see Startup Cities as a way to leapfrog all that mess and create progress. https://magatte.substack.com/p/why-africa-needs-startup-cities

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"... business in an honest and transparent manner." if you desire that you'll keep on being poor, because it goes against the nature of the MAIN SYSTEM. Sooner or latter you'll be sucked into oblivion.

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Corruption is a KEY FEATURE of the MAIN SYSTEM - the MONETARY SYSTEM. Without this feature the Secular Ruling Families - current owners of the MAIN SYSTEM - wouldn't be able to rule for centuries as They have been ruling.

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This is one reason I'm such an advocate of Bitcoin. It offers a path to liberation.

https://magatte.substack.com/p/4-ways-bitcoin-is-building-african

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Once They - SRF & Billionaires - feel that "That's enough of BTC"... it will be erased from the WWW just as easy as "FORMAT Z:"

As long as BTC is being used as a regular FIAT CURRENCY (today one can't get 1 BTC without paying for it and using an exchange (once again the trust is very little even in this network), since the amount of MINING needed is off limits to the regular modern moron slave) there is very little future for it.

And for THEM it is very easy to block the BTC ecosystem!

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"Over the years, I’ve heard a number of answers. Some—like the ideas that Africans have low IQs or that we’re lazy—stem from racial prejudice." Indeed... When in Europe and North America (at least) Africans work hard as hell.

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Absolutely. Those stereotypes are dead wrong.

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I am coming to see the wisdom of this message though. It keeps African countries from espousing something similar to the antisemitism claim. Where every conversation begins and ends with “see how we are hated”. Even if the two scenarios are completely different, and they couldn’t be more different. Still, it is a weak position that basically relies on pity. And Africa is strong and doesn’t want to operate that way.

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Africa IS strong, and that's why I love Ayittey's message so much. It foregrounds hope and agency. We Africans have the power to change our own future. But to do so, we have to take control of our narrative and embrace economic freedom.

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You make an excellent argument for a way forward. Law has always been a tool of corruption as rulers use the power of law to control the subjects and solicit bribes to change the law or provide special treatment. Under what scenario is that system likely to be overthrown? Why would rulers support their own demise? I wish Africa well.

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Thank you so much. And you're right that the corrupt folks in power have little incentive to change. That's why I'm such an advocate of Startup Cities. When we start with a blank slate, in terms of commercial law, it's much easier to create progress than trying to change bad laws, with entrenched interests, piecemeal. My hope is that once people and leaders begin to see the success of these cities, they will want to hop on board.

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You make an excellent argument for a way forward. Law has always been a tool of corruption as rulers use the power of law to control the subjects and solicit bribes to change the law or provide special treatment. Under what scenario is that system likely to be overthrown? Why would rulers support their own demise? I wish Africa well.

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