Why do African countries need to borrow money from China or World Financial institutions? Why don’t we establish huge Af
Believe or not, establishing potential African bank is our ultimate solution. Till now African development bank’s influence in the continent compared to foreign involvement is insignificant. This is because this bank has no full potential to serve all African nations. Probably, its reserved capital is very low. What is the problem if we own the biggest bank in the world which has a capacity of at least 5 trillion dollar. May be obtaining this sum of money look difficult but I don’t think so.
For instance here in our country, Amara Bank has collected above 70 million dollar with in short period of time. This sum could rise significantly more than 500 million dollar if the Amara Bank wasn’t limited its scope. Any person was allowed to buy a share of 10 . The total number of share one individual can buy is around 333 dollars. But what will happen if any individual allowed to pay total of 33 dollar? Majority of our people will participate and it is easy to attain large sum of money. Knowing that only 32,000 people have been participated in the share, the outcome certainly could be impressive if the participants augmented to 10 million.
In similar way, African bank can be established by lowering the price of the share. If we can do this Africa will become the fastest growing continent with no debt. Yes it is time to save African nations from modern colonialism and marginalization.