NEO-LIBERAL POLICIES AND THE DILEMMA OF AFRICA’S DEVELOPMENT IN THE 21ST CENTURY

Abstract

This paper has analyzed the trends of neoliberal political economic strategies and the crises of development in Africa. The paper’s main objective is to investigate how the implementations of the Enhanced Heavily Indebted Poor Country (HIPC II) and New Partnership for Africa’s Development (NEPAD) affected the economic and political fortunes of African states with an emphasis on the 21^st Century. The study relied on secondary data from a library and the internet where relevant literature was sourced. Dependency theory has been adopted as the framework of analysis. The results revealed divergent views regarding the performances of the policies under review. Results show that despite some modest achievements of HIPC II and NEPAD in Africa, the policies are perceived by many analysts as more of a hindrance than a help to Africa’s economic and political development. The result further indicates that policies like other neoliberal development initiatives for developing countries have failed to serve as a panacea to Africa’s intractable development challenge. The reality on the ground revealed that the policies have intensified the perpetuation of the peripheral and marginal status of the African continent in the world’s capitalist economic and political order. The paper concluded that for Africa to overcome its development challenges, there is a need for more credible, effective and inclusive strategies mixed with committed and patriotic leaders who will ensure vigorous implementation of true people’s centered policies. It is recommended that deliberate efforts should be made by African states to ensure greater efficiency in the utilization of available human and material resources, whether external or internal, in a manner that reduces the continent’s overreliance on advanced capitalist countries for assistance.