Top financial leaders descended upon the historic city of Marrakesh this week for once-in-a-generation meetings that symbolize both Africa’s economic potential and its complex challenges after decades of poverty.
The Annual Meetings of the International Monetary Fund (IMF) and World Bank Group – being held in an African country for the first time in 50 years – bring key figures like IMF Managing Director Kristalina Georgieva and World Bank President David Malpass to the continent they pledge to empower.
“A prosperous world economy in the 21st century requires a prosperous Africa,” said Ms. Georgieva, speaking last week in the Ivory Coast.
The lofty rhetoric underscores increasing – yet still inadequate – investment in African economies that are growing faster than the global average and comprise demographics weighted heavily toward youth. Broadly, however, campaigners charge the IMF and World Bank of perpetuating poverty through restrictive policies.
Oxfam International said this week that IMF-mandated budget cuts are “driving up inequality and suffering” across poor nations that must slash $229 billion in public spending over five years. The charity led a demonstration in Marrakesh urging officials to instead focus on debt cancellation and fairer taxation.
Other activists gained access to the high-level Conference Palace venue Wednesday, unfurling banners that read “End Dictator World Bank” and chanting anti-poverty slogans until being escorted out by Moroccan police.
The theatrics cast light on tough issues that bubble beneath optimism around Africa’s potential. Coups have recently derailed democratic transitions in three West African nations; conflict continues destabilizing the Sahel and Horn of Africa regions; and countries from Kenya to Chad shoulder massive debt despite abundant natural resources.
Climate shocks like droughts also perpetuate misery, with last month’s devastating earthquakes in southeast Morocco underscoring Africa’s disproportionate vulnerability.
Officials hope this week’s meetings – with promises to expand financing and reform representation – can help turn the tide toward durable prosperity that lifts all Africans. But activists say that after 50 years of broken pledges, real change will only come from economic justice led by African nations themselves.
