African nations have been pushed to use the African Continental Free Trade Area (AfCFTA) to free themselves from the economic restraints placed on them by colonialism, neocolonialism, and imperialism.

It must flee from the subtle recolonisation tactics being pursued through the “honeyed policy shackles” of the International Monetary Fund, World Bank and the United Nations (UN) dogma.

Former Nigerian President Matthew Okikiola Ogunboye Aremu Obasanjo declared that the treaties and conventions on trade and commerce that imperialist institutions agreed to and signed before and after independence were not intended for the development of Africa.

“The restructured socio-economic and political neocolonialism characterised by its underlining capitalism, neoliberal globalisation, and cultural subjugation of Africa by the Britain Wood institutions is a recipe for continental failure,” he said.

“Thus, if African countries continue to depend on these instruments as the launch pad for their development, the Continent will at last fail regardless of its endowments.”

“The rippling dividend is the mocking economic growth, abject poverty, starvation, joblessness and youth hopelessness.”

Former President Obasanjo, an Honored Fellow of the African Youth and Governance Convergence (AYGC), conveyed this message during the 25th Session of AYGC, held in Mankessim within the Central Region.

Commencing on Saturday, August 12, the seven-day gathering brought together 65 delegates from 27 African nations, along with participants from the United States of America and Canada.

The objective of the forum is to unify the youth, cultivating a shared African identity while harnessing their potential to encourage responsible behavior and active participation in advancing sustainable development.

The event also aims to provide them with the necessary tools, platforms, and responsiveness to assert their rights, thus fostering social accountability, transparency, and fairness.

The Youth Bridge Foundation and partners put the programme together on the theme: “Advancing Youth Inclusive Governance, Peace, and Security: The Digital Innovation Factor.”

The ex-President emphasized that the AfCFTA offers a chance to boost trade and thereby enhance the economic prosperity of individual nations.

The establishment of this trade area is projected to elevate intra-African trade by $35 billion annually while curbing external imports by $10 billion.

Moreover, it holds the promise of opening doors for the expansion of small businesses, potentially elevating around 30 million individuals from the grips of extreme poverty.

Despite these significant advantages, he expressed his concern about African nations' excessive reliance on the Bretton Woods Institutions. This dependence involves combining loans with specific conditions, which in turn promote the 'Washington Consensus' principles of a 'free market' doctrine.

Similarly, he lashed at leadership across the continent, saying: “The greatest failure of African leaders is the lack of full understanding of what being independent means and what it entails.

“The reason the colonial powers were here and why they committed all those atrocities even matter. Independence meant hard work to serve ourselves and our interests better than the colonial power.”

Early African leaders had the incorrect ideas, according to former president Obasanjo, by restricting independence to the right to free speech, the raising of national flags, leisure, and enjoyment.

Early African leaders were unaware of the unfairness of the newly established political, judicial, and neo-political systems.

“It is important to rebrand and turn Africa around for the world to know that Africans are one and good people with natural resources and diverse culture and we need strong partnerships with the diaspora to do this.”

“Let us build the human resources of Africa by extending a hand of friendship to them so that together we can help change the narrative of the continent, now and in the future.”