been the neocolonial nature of such flows. Essentially, the economies of the WAMZ
countries are still structurally colonial. Most of these countries are under the protective
umbrella of world capitalist powers that own investments in them and are interested in
controlling its resources and trade in their (colonial master’s) favour. Though politically
independent and not under the political autonomy of the colonial powers, the ruling class
is in conscious alliance with dominant expatriate capitalists for the exploitation of the
country’s resources and manpower to their mutual benefit. The economy in general,
stands to gain nothing from this unpleasant alliance, which often manifest in millions of
hard currencies stacked away in foreign banks. In this alliance internal policies are also
used to serve the interests of expatriates and this opens to these interests an avenue for
intervention in domestic affairs of the host countries. Sometimes, inter-ethnic conflicts
among the elites are exploited by the expatriates firms to increase their economic gains
and enjoy unparalleled monopoly (Toyo 1993).
Most African countries in general tend to be too eager to attract FDI. Citing a
UNECA report, Mwilima (2003) submits that “African governments have changed from
being generators of employment and spillovers for the local economy to governors of
state that promote competition and search for foreign capital to fill the resource gap”.
One reason for this change is the wholesale internalization of neo-liberal assumptions
promoted by the IMF and the World Bank. The other relates to the unpleasant alliance
mentioned earlier. The ruling elites are eager to serve the interest of their colonial partner
for selfish and non-patriotic reasons under the façade of pursuing national interest.
Moreover, there is no evidence to show that African countries in general really benefited