Africa is suffering from the direct consequences of an exogenous crisis linked to excess deregulation and organization of wealth creation disconnected from production and the real economy. Through its prudent macro-economic management and the weakness of its financial infrastructure, Africa very scarcely operates on the virtual marketplace, much less dabble in speculation. As such, Africa is neither guilty nor responsible for the 2008 financial crisis, even though it bears the brunt of the collateral effects of economic externalities.
The Coalition for Dialogue on Africa (CoDA) offers an alternative perspective on the responses to the consequences of the 2008 financial crisis in Africa. The paradigm of economic and financial dependency can no longer adequately explain the complexity of a systemic crisis facing African Nations. The under-mentioned prerequisites must be met: break with the palliative economy, reject the conception of Africa as the variable adjustment for post-industrial economies, be ever alert to the trap embedded in the “poverty reduction” concept which is by no means synonymous with shared wealth creation, neutralize straight-jacket solutions considered as “universal solutions”, etc.