RE: “Globalised economy crisis” (The New Times, September 4).
Currency devaluation strategy is based on the assumption that weak currency will attract foreign investment and increase demand for local products but many countries in Africa have been having unending currency depreciation without any real foreign investments or demand in their products.
The solution to economic globalization-related issues is for nations to strengthen, support and prioritise homegrown economies that have strong regional interactions.
For instance, Africa has all the required resources to undertake relevant economic and financial policies that are less dependent of multinational corporations and institutions.
Many of these foreign investments are not necessarily beneficial for the local economies and people at large as many of those investments are only exploitative.
No country can claim to be sovereign if a big chunk of its wealth belongs to multinational corporations. The key word that African leaders should promote is self-reliance.