Economy

'Majority of West Africa's economies still depended on foreign multinationals'

Date: May 14, 2025

A wave of political and economic activity is sweeping across West Africa, highlighting both long-standing challenges and significant milestones in the region.

In Ghana, authorities are racing to reduce a massive $2.5 billion debt owed to independent power producers. The debt has placed significant strain on the energy sector and raised concerns about the country's broader fiscal health. Political analyst Dr David Matsanga criticised the situation as reflective of a deeper vulnerability among African economies, warning that “many governments campaign on promises they rarely deliver.”

With elections looming, some observers question whether the government's year-end repayment goal is realistic, or simply political theatre.

Elsewhere, energy co-operation is also taking centre stage. Leaders from across the region convened under the West African Gas Pipeline Committee, aiming to boost regional energy integration. But Matsanga warned that foreign multinationals continue to wield disproportionate control over Africa’s natural resources. “Everywhere you look, you see the fingerprints of Total and other oil giants,” he said. “This isn’t energy independence, it’s dependency rebranded.”

In a notable cultural development, Benin has welcomed the return of a royal chair looted more than 100 years ago, handed back by Finland. While symbolic, the return raises questions. “They took our heritage without permission. Now they return it with conditions,” said Matsanga. “Africa must reject such double standards.”

In Liberia, political tensions are rising following the resignation of House Speaker Jonathan Fonati Koffa, after prolonged internal strife within the ruling establishment. Matsanga suggested the leadership has struggled to unify key political factions. “This kind of infighting reopens wounds from Liberia’s past,” he said. “The country needs stability, not reminders of a war it has tried to move on from.”

Finally, in Nigeria’s Borno State, five soldiers were killed this week in fresh attacks linked to insurgent groups such as Boko Haram. The violence has again raised concerns about the government’s ability to restore peace in the northeast.  Matsanga didn’t mince words; “Nigeria has one of Africa’s largest armies, yet it’s failing to protect its own citizens. The security structure is stretched thin, and misdirected.”

As the region navigates these developments, questions around governance, accountability, and self-determination remain at the forefront.

--ChannelAfrica--

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