The president of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, on Friday said the time had come to revise the monopoly in the global economy maintained under the “false cover” of the World Bank and the International Monetary Fund.
The Equatorial Guinean president, who was speaking at the 13th AU ordinary session in Malabo, said that the two financial institutions, since their establishment, had offered “no concrete aid to African countries”.
“We must revise the international trade rules which govern the preferences for some against the others,” he said.
In that respect, he called for Africans to give priority to South-South cooperation which “respects the principles of equality, justice and reciprocity”.
President Nguema said that Africans must beware of the fact that the continent still suffered “subtle neocolonialism” especially as “the agreements on monetary parity signed with our countries have never been the object of revalorization for our currencies on the basis of the countries’ economic growth”.
Similarly, he said, Africa suffered from neocolonialism given the poor prices for raw materials on international markets and protectionist barriers imposed on the international market.
“We must accept that time has changed and Africa, for more than half a century, is facing a neocolonial system which ensures only the continuation of colonial interests,” President Nguema added.
He said that another negative form which had fuelled Africa’s dependence was the interest to replace the positive values of African cultures with those that govern the western world.