The Political Economy over time in Africa

Professor Walle shared his story and discoveries of political economy trends of development for Africa. Africa is a continent that displays a unique financial history and track that we are not fully aware about. The countries such as Nigeria were once rich with agricultural resources and oils and this lead to them being colonized for exploitation. However, even after being independent, these countries were still not developing to their potential that they were once were in the beginning primarily because of corruption. Professor Walle noticed mainly that high-level corruption in finances was one of the main forces that put many African countries behind in economic growth. He wanted to delve more into these types of issues and thus was his motivation in investigating the financial trajectory in different countries. Personally, it was amazing for me to hear how he had obtained an economic background from London School of Economics and applied his knowledge in the field working in two countries. He noticed that the Ministry of Health had lost most of its budget most probably due to high-level corruption that was politically motivated since the President would not put the Minister of Health in jail. Thus, Professor Walle believes that democratic styles of government would help to improve the economies of these countries in Africa. Most democracies are economically stronger than their neighboring countries. Very few examples of no democratic governments are economically progressing, such as China and Ethiopia. I found interesting that Ethiopia has many Chinese people because China in the recent two decades have decided to invest a lot in Africa. It is incredible to see that it had grown from one Chinese restaurant to many restaurants. Overall, the talk had provided numerous economic insights that helped me gain a new perspective in political and economic developments.

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