Africa is rich in natural resources. Yet for centuries those resources have been extracted by foreign companies that pay little tax and leave nothing behind. For centuries, Western nations have exploited them by extracting the raw materials without paying fair taxes, and often facilitated by corruption.

Every year around this time Forbes publishes its global billionaire rankings like a fantasy football league table for the ultra rich. The graphics sparkle, the fortunes climb, and commentators analyse the movements as if the global economy were a competition for who can stack the most cash.

The architecture of austerity: Zambia’s journey back into the arms of the IMF was precipitated by a combination of over-ambitious public investment, a devastating drought in 2019, and the COVID-19 pandemic. In 2020, the country became the first African nation to default on its Eurobonds during the pandemic era.

The Government of Kenya must walk away from any new International Monetary Fund (IMF) loan programme with regressive conditions that will further exacerbate inequalities and poverty among its citizens. The IMF team, in Nairobi since 24 February 2026, is negotiating a new loan programme with the government following the expiry of the $3.6 billion facility last year.