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Scoop.it!
Kenya’s eruption of protests, riots and government repression is the result of decades of failed western financial prescriptions 
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Scoop.it!
After a year in lockdown caused a slump in diamond exports, Botswana's president said the country needs to diversify its economy.
Graham Watson's insight:
A brief clip from Reuters, which highlights the danger of depending upon primary product exports. In this case, Botswana's diamond exports have been adversely affected by the closure of the South African border and this has had a precipitous effect upon export revenues.
As a result, the country is looking to develop other sectors of its economy, notably coal, but it will need to improve its infrastructure if it is going to do so.
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The current political unrest in Kenya reflects the poor performance of the Kenyan economy, and the government's attempt to introduce austerity at the behest of international financial organisations.
They've insisted upon this because Kenya has seen its debt obligations increase to the extent that whereas in 2019 debt repayments accounted for19% of export revenues today they account for 50% of export revenues.
The fear is that the economy has entered a classic debt trap - in large part engineered by neo-colonial policies that have largely controlled Kenya's exports and imports. This is a contentious piece - I don't agree with the tone of all of it - but it is highly thought-provoking.