Its economic outlook is positive.” 2 The conference was arranged by German finance minister Wolfgang Schäuble to promote his G20 Compact with Africa, whose “main aim is to lower the level of risk for private investments” (but in the run-up to the German election, he and Angela Merkel were obviously also concerned to give the impression the strategy would reduce Europe’s African refugee crisis). Deutsche Bundesbank president Jens Weidmann claimed in June 2017 at a Berlin conference that “Africa stands ready to benefit from an open world economy. His most recent book, coedited with Ana Garcia, is BRICS: An Anti-Capitalist Critique (Haymarket, 2015).Ī few years ago, at the very moment that Africa’s GDP ceased its rapid 2002–11 increase, a profound myth took hold in elite economic and political circles, embodied in the slogan “Africa Rising.” 1 That myth persists.
Patrick Bond is a professor of political economy at the University of the Witwatersrand in Johannesburg.
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