Consequently, they have ended up with huge debts borrowed from the developed nations. Despite financial aids from international bank systems, African nations still pay to their debts with their revenues from selling commodities. [4] Also, although their political independence, many former colonial powers still control the economic resources in Africa [5]. According to Shillington, “The governments of those countries that had achieved independence around 1960… had spent lavishly upon expensive industrial and prestige projects with insufficient concern for their appropriateness.” [6] Last, lack of technology and industrial development, African nations cannot really be self-reliant; instead, they either import raw materials for cash or depend on foreign investment. Such a model of economic development does not help Africa develop economically. For example, with the rise of China, African nations have become economically dependent more on the rising Tiger, which has led to severe critics on being a neo-colonist in the
Consequently, they have ended up with huge debts borrowed from the developed nations. Despite financial aids from international bank systems, African nations still pay to their debts with their revenues from selling commodities. [4] Also, although their political independence, many former colonial powers still control the economic resources in Africa [5]. According to Shillington, “The governments of those countries that had achieved independence around 1960… had spent lavishly upon expensive industrial and prestige projects with insufficient concern for their appropriateness.” [6] Last, lack of technology and industrial development, African nations cannot really be self-reliant; instead, they either import raw materials for cash or depend on foreign investment. Such a model of economic development does not help Africa develop economically. For example, with the rise of China, African nations have become economically dependent more on the rising Tiger, which has led to severe critics on being a neo-colonist in the