Pundits talk of black votes as though it is this homogeneous cohort that is up for grab by anybody just like that. Black leaders following Dr. King have essentially done a disservice to their constituent by failing to advocate for mainstream issues such as economic injustice, skewed unemployment, equal opportunity, etc. These leaders for their opportunistic reasons have tended to represent black people only on the fringes: expanding of welfare programs and vigilante policing.
Their motives may in part be because these are trigger issues that assert their prominence in the community, nonetheless, their actions have had a far-reaching effect on status of black people in America. It was no surprising black leaders were not so enthusiastic about candidate Obama in large part because he refused to introduce himself as black presidential candidate. The rift was so pronounced to the extent that the media started writing about obituary of black politics soon after Obama won the election in 2008 with amusing captions such as "Obama victory symbolizes the dead of black politics". If anything, Obama's presidency represents a moment of decency in black politics in America.
Along came the spoiler, Herman Cain, who is quintessential black man compared to President Obama with mixed background and his father hailing from Kenya, interestingly, Mr. Cain speaks more like rich white republican than President Obama does look white. So now we know of one thing: it is not always the color that makes one black/minority in America, it is economic status. The take home from this is that, econemic justice in America is color blind, period.
It was interesting for Herman Cain of all breeds to play the black card when the going got though for him. Thanks goodness no black person in America sided with him. This is indicative of how black politics has come of age in America.
Wednesday, December 14, 2011
Friday, October 21, 2011
In Contempt of Democracy
It has been the aspiration of the United nations that all nations across the globe become democratic. What makes democracy more appealing in contrast with dictatorship is its representativeness and the power it gives to the ordinary citizen to affect the affairs of their government. It must be pointed out that anytime this mechanism of representativeness is detached from democracy then we don't have democracy any more, what we have is oligarchy.
Democracy in its purest form is what is referred to as direct democracy as practiced in Ancient Greece. Representative democracy was offered as compromise to the impossibility of direct democracy in ever-growing high population. The idea of representative democracy is for citizens to empower their representatives to make decisions on their behalf. So by default, the people assembly (call it Congress, Parliament, etc) was designed to be embodiment of the true sentiments of the people they represent. Having said this, it must be acknowledged there are varried forms of representative democracy. The US for example takes pride in seperation of powers and checks and balances to minimize concentration of power and undue influences.
Fast forward this to today's realities of Washington politics, what we are witnessing is representative democracy gone wild! Political gridlock and preservation of the so-called Iron Triangle have become the new rule of engagement. Interest group and pay-to-play politics with corporations, big money backers and political expediency have taken the better part of Washington representative democracy. There are some experts who claim gridlock is actually good for America's democracy. I would argue that yes, to some extent, gridlock is good for democracy but as long as the motive behind it is well-intented and more importantly in the interest of the general population. Anything short of this would amount to obstructionism and in fact contempt of representative democracy!
Democracy in its purest form is what is referred to as direct democracy as practiced in Ancient Greece. Representative democracy was offered as compromise to the impossibility of direct democracy in ever-growing high population. The idea of representative democracy is for citizens to empower their representatives to make decisions on their behalf. So by default, the people assembly (call it Congress, Parliament, etc) was designed to be embodiment of the true sentiments of the people they represent. Having said this, it must be acknowledged there are varried forms of representative democracy. The US for example takes pride in seperation of powers and checks and balances to minimize concentration of power and undue influences.
Fast forward this to today's realities of Washington politics, what we are witnessing is representative democracy gone wild! Political gridlock and preservation of the so-called Iron Triangle have become the new rule of engagement. Interest group and pay-to-play politics with corporations, big money backers and political expediency have taken the better part of Washington representative democracy. There are some experts who claim gridlock is actually good for America's democracy. I would argue that yes, to some extent, gridlock is good for democracy but as long as the motive behind it is well-intented and more importantly in the interest of the general population. Anything short of this would amount to obstructionism and in fact contempt of representative democracy!
Thursday, September 15, 2011
African Immigrant: The Unspoken Victims of the Recession (Reloaded)
The US unemployment numbers continue to hover around 9%. Worse still, the fact that zero jobs were created by the US economy this month leads much to be desired. The zero jobs score card may have been a blessing in disgiuse as Washington politicians appear to begin to do something concrete to mitigate the situation.
President Obama was right to posit that the US economic woe is a manmade problem that could be resolved if our leaders put aside short-term partisan/corporate interests and put ahead the interest of the American people. It saddens me to hear the public outcry for lack of leadership in Washington.
Our president has stepped up to the plate repeatedly but he was often greeted by recalcitrant/intransigent Republican-led Congress whose cadinal preoccupation is to make president Obama a one-term president even if it mean sacrificing the economic survival of the American people. Similarly, the president's kind and compromising traits have equally been his own enemy in a sense that hitherto, his common sense/meet-me-half-way approach has rendered most of his policies ineffective and half-measure at best. It seems he has learned his lesson the hard way and he is ready to draw the line in the sand--his decifit reduction speech yesterday signals the new Obama we are going to witness.
As bad as the US economic outlook appears, things are much worse when one takes the trouble to delve into the demographics. Data shows the the distribution of the jobless and foreclosure pain is skewed against American minorities. For example, with national unemployment rate of 9%, the unemployment rate among minorities and age cohort of 25-35 is close to 20%. suffice it to say that if things are so bad for native-born American minorities , what about the foreign-born immigrants?
Surprisingly, no one even talks about how things are shaping up for the immigrants. We have to remember that immigrants are vital component of the American story. The contribution of immigrants to this great nation cannot be gainsaid--for example, 2 in every 5 invention is by an immigrants, not to mention great American immigrants such as Albert Eintein. I challenge our leaders to pay special attention to immigrants who seem to be the most vulnerable among the the group affected by this economic doldrums. We have to keep the American/immigrants dream alive!
to to 2p%
President Obama was right to posit that the US economic woe is a manmade problem that could be resolved if our leaders put aside short-term partisan/corporate interests and put ahead the interest of the American people. It saddens me to hear the public outcry for lack of leadership in Washington.
Our president has stepped up to the plate repeatedly but he was often greeted by recalcitrant/intransigent Republican-led Congress whose cadinal preoccupation is to make president Obama a one-term president even if it mean sacrificing the economic survival of the American people. Similarly, the president's kind and compromising traits have equally been his own enemy in a sense that hitherto, his common sense/meet-me-half-way approach has rendered most of his policies ineffective and half-measure at best. It seems he has learned his lesson the hard way and he is ready to draw the line in the sand--his decifit reduction speech yesterday signals the new Obama we are going to witness.
As bad as the US economic outlook appears, things are much worse when one takes the trouble to delve into the demographics. Data shows the the distribution of the jobless and foreclosure pain is skewed against American minorities. For example, with national unemployment rate of 9%, the unemployment rate among minorities and age cohort of 25-35 is close to 20%. suffice it to say that if things are so bad for native-born American minorities , what about the foreign-born immigrants?
Surprisingly, no one even talks about how things are shaping up for the immigrants. We have to remember that immigrants are vital component of the American story. The contribution of immigrants to this great nation cannot be gainsaid--for example, 2 in every 5 invention is by an immigrants, not to mention great American immigrants such as Albert Eintein. I challenge our leaders to pay special attention to immigrants who seem to be the most vulnerable among the the group affected by this economic doldrums. We have to keep the American/immigrants dream alive!
to to 2p%
Sunday, August 28, 2011
Is African Union on wrong side of history on Libya?
Libyan rebels advance into Tripoli for the most part came as a surprise to the World. Gaddafi's spin machine was at its best in scaring the hell out of the rebels of the dreadful encounter awaiting them in Tripoli. However, thanks to the braveheart of the rebels and good judgement of residents of Tripoli, the encounter was more or less a drive-through.
Now pondits, Libyan Transitional National Government and other policy makers are debating post-Gaddafi' Libya.
One conspicuous missing link though is the voice of the African Union in all of this. South Africa for example has not been particularly thrilled by the turn of events over the last few days. They actually moved to block a vote at the UN enabling the Libyan TNC funds to settle in.
Much as we all abhor the west meddling in internal African affairs, we have to understand that the Libyan experience is what can be considered blueprint for such operations. Gaddafi is a mad dog who has oppressed his own people for over 42 years, period.
It is about time African Union tilt to the right side of history and support their brothers and sisters in Libya.
Sunday, August 7, 2011
Can migration be a positive- sum game for Africa?
The last two decades have witnessed mass emigration of young talents from Africa and other developing countries en route to the North. Experts are quick to point to brain drain (as it is labeled) as one of the factors impeding progress in developing countries. Africa is said to have lost a great deal of its highly skilled talents particularly in the medical field as a result of brain drain.
Critics of brain drain tend to take aim at both the migrants as well as their host nations for enticing and syphoning the best human resources from poor countries who need these talents the most. In truth, Africa has fallen victim to loss of qualified medical doctors, nurses, lawyers, engineers, and recent university graduates to countries like the United Kingdom, U.S. and the like.
The effect of this vacuum has been amply documented and much talked about.
ome hospitals for example are without qualified doctors and nurses to take care of patients. What I beg to differ is the long term impact brain drain can have on these countries at the receiving end.
Financial returns (running into billions of dollars) in terms of remittances have gone a long way to cushion these economies at a time when donor countries are cutting back thier commitment to Africa. If properly managed, this can go a long way to circumvent any short-term loss due to brain drain.
Another positive impact of brain drain is the skill set these immigrants bring back to thier countries down the road. the reality of this debate is that most of these professionals return later on in thier lives. They often bring to bear their rich experience from their host countries. Most returnees are making a big difference in the medical, education,political and other sectors of the African economy.
In effect, my sense is that, brain drain may not be all that bad.
Critics of brain drain tend to take aim at both the migrants as well as their host nations for enticing and syphoning the best human resources from poor countries who need these talents the most. In truth, Africa has fallen victim to loss of qualified medical doctors, nurses, lawyers, engineers, and recent university graduates to countries like the United Kingdom, U.S. and the like.
The effect of this vacuum has been amply documented and much talked about.
ome hospitals for example are without qualified doctors and nurses to take care of patients. What I beg to differ is the long term impact brain drain can have on these countries at the receiving end.
Financial returns (running into billions of dollars) in terms of remittances have gone a long way to cushion these economies at a time when donor countries are cutting back thier commitment to Africa. If properly managed, this can go a long way to circumvent any short-term loss due to brain drain.
Another positive impact of brain drain is the skill set these immigrants bring back to thier countries down the road. the reality of this debate is that most of these professionals return later on in thier lives. They often bring to bear their rich experience from their host countries. Most returnees are making a big difference in the medical, education,political and other sectors of the African economy.
In effect, my sense is that, brain drain may not be all that bad.
Thursday, July 7, 2011
African Immigrant: Is Good Politics Bad Economics?
African Immigrant: Is Good Politics Bad Economics?: "One would think politics and economics go hand in hand or better still complement each other--afterall, economics was born out of politics a..."
Is Good Politics Bad Economics?
One would think politics and economics go hand in hand or better still complement each other--afterall, economics was born out of politics and it is politicians who implement economic models. However, politics and economics in today terms are set against each other as if they are mutually exclusive.
If you follow the US political debate, you would clearly notice how politics and economics have been striped of their scientific orientation and have now become mere subjective disciplines depending on whose interest it is serving.
It is amazing to listen to the Republicans sheepishly advocating for supply-side stimulus i.e low tax rate for the rich contrary to what their own conservative economists are prescribing--this is clearly not motivated by economics but a political move to please their rich base. In negociating the debt ceiling, the Republicans have indicated they are not interested in the economic welfare of the country, they are only interested in making their rich clientele happy--they have made it clear that tax increase of any kind is off the table but cutting entitlement such as social security and medicare is the way forward.
It is a commonplace in today's democracy to see the opposition incentivised to sabotage the incumbent's economic policies to enable it to take over power--in doing so, innocent citizens get hurt economically and the country loses its pride and stature. This is pointedly not the way democracy was made to function--opposition captures power by dint of presenting credible alternative to the incumbent's policy.
If the advanced democracies are such murky, one can only imagine how it is playing out in Africa--there are reports that in Ghana, government officials are altering vital statistical information to make the incumbent look good.
Politicians should stop manipulating economics for their short-sighted goals.
If you follow the US political debate, you would clearly notice how politics and economics have been striped of their scientific orientation and have now become mere subjective disciplines depending on whose interest it is serving.
It is amazing to listen to the Republicans sheepishly advocating for supply-side stimulus i.e low tax rate for the rich contrary to what their own conservative economists are prescribing--this is clearly not motivated by economics but a political move to please their rich base. In negociating the debt ceiling, the Republicans have indicated they are not interested in the economic welfare of the country, they are only interested in making their rich clientele happy--they have made it clear that tax increase of any kind is off the table but cutting entitlement such as social security and medicare is the way forward.
It is a commonplace in today's democracy to see the opposition incentivised to sabotage the incumbent's economic policies to enable it to take over power--in doing so, innocent citizens get hurt economically and the country loses its pride and stature. This is pointedly not the way democracy was made to function--opposition captures power by dint of presenting credible alternative to the incumbent's policy.
If the advanced democracies are such murky, one can only imagine how it is playing out in Africa--there are reports that in Ghana, government officials are altering vital statistical information to make the incumbent look good.
Politicians should stop manipulating economics for their short-sighted goals.
Wednesday, June 15, 2011
Politics, Class Struggle and Rock and Roll
As student of politics, it breaks my heart to see how modern day politics is badly played out to the extent that people vying for public offices are shying away from being labeled politicians! Don't get me wrong, politics has always been associated with the game of cat and mouse from the beginning of creation--I remember in my politics 101 class, the first question I encountered was, Politics is a dirty game, dicusss. What is alarming these days though is the frequency and magnitude of lies, deceptions, and misrepresentations we see in politics.
This trend is not only peculiar to Third World democracies such as Ghana where both the ruling and opposition parties are gilty of manipulating facts to serve their end goal. Here in the US, politicians are seen misinforming, inciting, and scaring the public everyday on issues ranging from tax increases, immigration, national deficit, and the President's birth certificate, all in the name of appealing to their base.
The sad part of all these is that most of these issues our politicians are toying with affect the very survival of the working class. If this is not a classic case of class struggle where corporations sponsor politicians to dance Rock and Roll then I personally do not know what this is all about.
This trend is not only peculiar to Third World democracies such as Ghana where both the ruling and opposition parties are gilty of manipulating facts to serve their end goal. Here in the US, politicians are seen misinforming, inciting, and scaring the public everyday on issues ranging from tax increases, immigration, national deficit, and the President's birth certificate, all in the name of appealing to their base.
The sad part of all these is that most of these issues our politicians are toying with affect the very survival of the working class. If this is not a classic case of class struggle where corporations sponsor politicians to dance Rock and Roll then I personally do not know what this is all about.
Wednesday, May 25, 2011
Social Media and Africa's Youth
Just over a few years ago, the term "digital divide" was ubiquitous diagnosis for growth and development in poor countries--fast forward to 2011 and one would wonder whatever happened to all the hypes about digital divide?
It must be acknowledged that some progress have been made over the years. People in Africa are using social network such as Facebook, LinkeIn, Twitter and Skype to connect to the rest of the world like never before-- it is indeed refreshing for those of us living miles away from the continent to get such instant access thanks the power of the internet.
I strongly agree with people who think that the dotcom revolution is the best thing to happen to developing countries. Imagine students, workers and leaders from Africa sharing knowledge and information with the rest of the world in real time--I bet my college days would have been less stressful if I had such access to information.
Arab Spring has shown us that the internet has a leg of its own and that no one can stop it. Empowering citizens from poor countries (often saddled with authoritarian regimes) with such vital tool will clearly cut everyone's job out for them. The internet business in Africa and other developing countries must transition for its present awareness stage to critical mass stage. It is up to the world to make this happen.
You know what we say in Africa, when you walk alone, you walk fast but when you walk together, you walk far--lets share this revolution togther.
Sunday, May 8, 2011
Leadership Africa Needs: Lagos Governor Example
Lagos as we know it (actually used to)was a microcosm of whatever can go wrong in major African cities: saddled with high population density, filth, organized and petty crimes, and so on.
When Governor Babatunde took office in 2007, he decided to spend his political capital to change Lagos for the better. He started by fixing the broken window of the house by way of clamping down on illegal activities such as ad hoc markets that used to block streets and cause endless gridlock, setting up bus routes, forcing "kamikaze" motorcycle-taxi riders to wear helmets.
To mitigate the impact of his hash actions, he decided to harness the newly displaced youth by employing them as street sweepers and traffic cops--he did so to ensure his program sustains.
One may be quick to ask what is so special about all these, but mind you, none of these actions required big budget to implement--all what was needed was common sense and political will to push through unpopular agenda.
Governor Babatunde's example serves as blueprint for how African leaders should look ahead. No wonder he was rewarded by over 81% votes for his reelection. Congratulations Governor.
Wednesday, April 20, 2011
Oppression in the Name of Resisting Imperialism
Much as dependency syndrome and imperialsm have deep-rooted overture between the West and Africa, these concepts have unfortunately become buzzword for dictators
around the world to justify their atrocities toward their own people. Libya's Quadafi dilusional narrative for clinging to power has been that his people adore him and that the resistance has been formented by western imperialists who want to steal Libya's oil.
Mr. Gbagbo has also justified the unrest in Ivory Coast as an attempt by imperial France and the UN to interfere in their internal affairs--we all know he Gbagbo called for the unrest when he repeatedly failed to concede election defeat and honor the will of the Ivorian people.
What is alarming though is how fast this false narrative is gaining traction among the unsuspecting public. We should all understand that our universe has changed and for that matter what happens in Ivory Coast has a far-reaching implications in Ghana, France, USA if you will. Besides, the so-called imperialists are usually the ones who pick the bill when the dust settles.
around the world to justify their atrocities toward their own people. Libya's Quadafi dilusional narrative for clinging to power has been that his people adore him and that the resistance has been formented by western imperialists who want to steal Libya's oil.
Mr. Gbagbo has also justified the unrest in Ivory Coast as an attempt by imperial France and the UN to interfere in their internal affairs--we all know he Gbagbo called for the unrest when he repeatedly failed to concede election defeat and honor the will of the Ivorian people.
What is alarming though is how fast this false narrative is gaining traction among the unsuspecting public. We should all understand that our universe has changed and for that matter what happens in Ivory Coast has a far-reaching implications in Ghana, France, USA if you will. Besides, the so-called imperialists are usually the ones who pick the bill when the dust settles.
Monday, April 18, 2011
Nigeria: Wake the Giant In You
Following this weekend election in Nigeria where the incumbent president, Mr. Jonathan was declared the winner, there are reports of pockets of violence in the Muslem-North, the stronghold of the opposition.
From all indications, the election has been characterized as free and fair by independent observers so it behooves the other candidates to concede and move on.
Nigeria is blessed with so much resources and potentials but unfortunately has been stifled by internal conflicts.
Africa is looking up to Nigeria to get it right this time round and claim its leadership spot on the continent. We are currently witnessing the consequences of prolonging this thing in Ivory Coast and we surely do not want a history repeat.
Elections come and go and for now the next election may sound like an eternity to the opposition but they will be surprised to see how time flies so fast--they can use this period to reinvent themselves and position themselves well for the next election.
One thing most African politicians fail to understand is that an opposition is a very strong pillar in a democracy. So to the opposition, in the interest of promoting democracy in Africa, learn from Ghana's example and accept your loss and let the will of the Nigerian people prevail. Congratulations, President Jonathan.
From all indications, the election has been characterized as free and fair by independent observers so it behooves the other candidates to concede and move on.
Nigeria is blessed with so much resources and potentials but unfortunately has been stifled by internal conflicts.
Africa is looking up to Nigeria to get it right this time round and claim its leadership spot on the continent. We are currently witnessing the consequences of prolonging this thing in Ivory Coast and we surely do not want a history repeat.
Elections come and go and for now the next election may sound like an eternity to the opposition but they will be surprised to see how time flies so fast--they can use this period to reinvent themselves and position themselves well for the next election.
One thing most African politicians fail to understand is that an opposition is a very strong pillar in a democracy. So to the opposition, in the interest of promoting democracy in Africa, learn from Ghana's example and accept your loss and let the will of the Nigerian people prevail. Congratulations, President Jonathan.
Sunday, April 17, 2011
Life after Gbagbo in Ivory Coast
The news of the arrest of former Ivorian president, Gbagbo was greeted with a sign of relief. This guy who was a university professor and deemed to have known better ignored the wishes of his people and gambled with the precious lives of innocent Ivorians.
In the end, Mr. Gbagbo's gamble did not pay off but the sad part is that he has plunged his country into a precarius and volatile state demanding measured steps going forward.
So far Mr. Quattara (arguably responsible for some of the atrocities) has made all the right calls. I am glad he is shying away from witch-hunting and calling on all Ivorians to look forward. May God grant him wisdom to navigate this tough assignment.
In the end, Mr. Gbagbo's gamble did not pay off but the sad part is that he has plunged his country into a precarius and volatile state demanding measured steps going forward.
So far Mr. Quattara (arguably responsible for some of the atrocities) has made all the right calls. I am glad he is shying away from witch-hunting and calling on all Ivorians to look forward. May God grant him wisdom to navigate this tough assignment.
Wednesday, April 13, 2011
War on the Middle Class
The Repuublican Party has initiated its calculated assault on the middle class all in the name of deficit financing. If they truly want to reduce deficit, why are they saying no to tax increase but yes to slashing of entitlement programs?
Contrary to what the republicans are misinforming us, evidence suggest that reigning in entitlement cost will do very little to reduce long term deficit yet there are compelling demand side argument to fund entitlement not to mention the humanitarian dimension.
The Republican supply side (reverse taxation) is flawed because it only works as best case scenario.
Contrary to what the republicans are misinforming us, evidence suggest that reigning in entitlement cost will do very little to reduce long term deficit yet there are compelling demand side argument to fund entitlement not to mention the humanitarian dimension.
The Republican supply side (reverse taxation) is flawed because it only works as best case scenario.
Monday, April 11, 2011
Democracy by the Sword
We should not misconstrue recent interventions in domestic affairs by the international community including the UN to restore the will of the people as isolated cases. These are well-thought through policy to send a message to tyrants that the game has changed and there is a new boss in town who takes no prisoners!
Global stakeholders have eventually learned that what happens in Ivory Coast eg. affects the national interest of the US--just imagine the UN leading a preemtive bombing campaign in Ivory Coast to avoid humanitarian crisis.
Notwithstanding all the conspiracy theories critics offer to discredit such actions, its power of signalling tyrants around the world that their days are numbered cannot be second-guessed.
Global stakeholders have eventually learned that what happens in Ivory Coast eg. affects the national interest of the US--just imagine the UN leading a preemtive bombing campaign in Ivory Coast to avoid humanitarian crisis.
Notwithstanding all the conspiracy theories critics offer to discredit such actions, its power of signalling tyrants around the world that their days are numbered cannot be second-guessed.
Monday, April 4, 2011
Where are the jobs?
We all welcome the news that jobless rate keeps dropping in the US.The question is, why aren't the Obama administration laughing out loud over this good news? This is in part because the latest job data has so many caveats it is hard to measure its real impact.
I may be among the minority who see the prevailing high unemployment rate as an issue of national interest--consider the fact that a disproportionate number of the unemployed demographic are youth with some college degree. This trend is clearly diminishing premium society places on higher education.
The disturbing piece of the puzzle is that there are so many things our government can do that it does not have political will to do or doing it half-way because it wants to be politically correct.
Mr. Obama, as you begin the journey of renewing your commitment to the poeple, I implore you to employ the necessary tools to give the youth hope they can believe.
I may be among the minority who see the prevailing high unemployment rate as an issue of national interest--consider the fact that a disproportionate number of the unemployed demographic are youth with some college degree. This trend is clearly diminishing premium society places on higher education.
The disturbing piece of the puzzle is that there are so many things our government can do that it does not have political will to do or doing it half-way because it wants to be politically correct.
Mr. Obama, as you begin the journey of renewing your commitment to the poeple, I implore you to employ the necessary tools to give the youth hope they can believe.
Wednesday, March 30, 2011
fiscal austerity policy in Africa
Now that the West has tasted its own bitter pills of deficit reduction by way of economic austerity measures, are they going to revise their one-size fits all economic prescription to Africa?
Wednesday, March 23, 2011
Africa Union Indifference to Libya
The AU is unsurprisingly critical of the ongoing establishment and enforcement of No-Fly-Zone by the international community. Needless to say in asmuchas Libya's sovereignty ought to be respected, this Gadhafi guy has abrogated the very tenet of the social contract he derives his sovereinty from.
Monday, March 21, 2011
e-governance in Africa
Reflecting over twitter's 5th birthday makes me wonder how much (if any) African politicians have embraced this incredible first-person mode of communication. The beauty of twitter is that no message is lost in translation--what you want your followers to hear is what you write yourself. I would imagine our leaders adapting to the language of the so-called Facebook Generation sooner before the tide turns on them.
Thursday, March 17, 2011
Still on Libya
how in the world can russia and china justify an intervention in libya? the un security council clearly needs a reform
Monday, March 14, 2011
Media
It seems to me the media is impaired by unidimentional syndrome. Can't we talk about Japan, Libya and Ivory Coast at the same time
Sunday, March 13, 2011
Great Article By NY Times: To Help Africa, Sell Bonds
Homeward Bond
By NGOZI OKONJO-IWEALA and DILIP RATHA
Published: March 11, 2011
Otto Dettmer
In other words, Africa needs not only greater investment in agriculture, but also in roads, ports and other facilities that are vital to moving the land’s products to consumers. Fortunately, part of the solution could lie with the almost 23 million African migrants around the globe, who together have an annual savings of more than $30 billion. Tapping into this money with so-called diaspora bonds could help provide Africa with the equipment and services it needs for long-term growth and poverty reduction.
These diaspora bonds would be in essence structured like any bonds on the market, but would be sold by governments, private companies and public-private partnerships to Africans living abroad. The bonds would be sold in small denominations, from $100 to $10,000, to individual investors or, in larger denominations, to institutional and foreign investors.
Preliminary estimates suggest that sub-Saharan African countries (excluding South Africa, which doesn’t have significant emigration) could raise $5 billion to $10 billion a year through diaspora bonds. Countries like Ghana, Kenya and Zambia, which have fairly large numbers of migrants living abroad in high-income countries, would particularly profit from issuing diaspora bonds.
There are precedents for such moves. Greece announced this week that it was preparing to issue $3 billion worth of diaspora bonds in the United States. India and Israel have issued diaspora bonds in the past, raising over $35 billion, often in times of financial crises.
Why would diaspora bonds work so well? For one thing, the idea taps into emigrants’ continuing patriotism and desire to give back to their home countries. And because diaspora populations often build strong webs of churches, community groups and newspapers, bond issuers would be able to tap into a ready-made marketing network.
Another advantage of diaspora bonds for African countries is that migrants make more stable investors in their home countries than people without local knowledge. They’re less likely to pull out at the first sign of trouble. And they wouldn’t demand the same high rate of interest as a foreign investor, who wants to compensate for the risk of investing in what would seem to them like a relatively unknown developing country.
Diaspora bonds could also be issued in the local currency, as migrants are likely to be less averse to the risk of currency devaluation. That’s because members of the diaspora have more use for local currency than foreign investors; migrants can always use it when they go back home or for family-related expenses.
Take, for example, an African living in the United States who now earns an annual interest rate of less than 1 percent on small deposits; a diaspora bond with an interest rate of about 5 percent certainly might seem attractive. To make the bond even more appealing, the countries the migrants reside in could provide tax breaks on interest income. Donor or multilateral aid agencies could also offer credit enhancements in the form of partial guarantees, to mitigate default risks.
Even more money could flow into Africa if countries tapped into the billions of dollars that members of the diaspora send home each year by using those remittances as collateral to raise financing from international markets. This approach has allowed banks in several developing countries — including Brazil, Egypt, El Salvador, Guatemala, Kazakhstan, Mexico and Turkey — to raise more than $15 billion since 2000.
Here’s how this works: When a migrant transfers foreign currency to a relative’s creditworthy bank in his home country, the bank pays out the remittance from its holding of local currency. That transaction creates a foreign currency asset equivalent to the size of the remittance, which can be used as collateral for borrowing cheaply and over the long term in overseas capital markets.
Such borrowing has no effect on the flow of money from migrants to their beneficiaries. Yet development banks, national banks in developing countries and donor agencies can partner to harness enough remittances and create enough collateral to raise significant sums of money to invest in agriculture, roads, housing and other vital projects.
The people of Africa are scattered around the globe, but many still feel a powerful sense of belonging to the continent. Through diaspora bonds and remittances, they could create a better future for their homeland.
These diaspora bonds would be in essence structured like any bonds on the market, but would be sold by governments, private companies and public-private partnerships to Africans living abroad. The bonds would be sold in small denominations, from $100 to $10,000, to individual investors or, in larger denominations, to institutional and foreign investors.
Preliminary estimates suggest that sub-Saharan African countries (excluding South Africa, which doesn’t have significant emigration) could raise $5 billion to $10 billion a year through diaspora bonds. Countries like Ghana, Kenya and Zambia, which have fairly large numbers of migrants living abroad in high-income countries, would particularly profit from issuing diaspora bonds.
There are precedents for such moves. Greece announced this week that it was preparing to issue $3 billion worth of diaspora bonds in the United States. India and Israel have issued diaspora bonds in the past, raising over $35 billion, often in times of financial crises.
Why would diaspora bonds work so well? For one thing, the idea taps into emigrants’ continuing patriotism and desire to give back to their home countries. And because diaspora populations often build strong webs of churches, community groups and newspapers, bond issuers would be able to tap into a ready-made marketing network.
Another advantage of diaspora bonds for African countries is that migrants make more stable investors in their home countries than people without local knowledge. They’re less likely to pull out at the first sign of trouble. And they wouldn’t demand the same high rate of interest as a foreign investor, who wants to compensate for the risk of investing in what would seem to them like a relatively unknown developing country.
Diaspora bonds could also be issued in the local currency, as migrants are likely to be less averse to the risk of currency devaluation. That’s because members of the diaspora have more use for local currency than foreign investors; migrants can always use it when they go back home or for family-related expenses.
Take, for example, an African living in the United States who now earns an annual interest rate of less than 1 percent on small deposits; a diaspora bond with an interest rate of about 5 percent certainly might seem attractive. To make the bond even more appealing, the countries the migrants reside in could provide tax breaks on interest income. Donor or multilateral aid agencies could also offer credit enhancements in the form of partial guarantees, to mitigate default risks.
Even more money could flow into Africa if countries tapped into the billions of dollars that members of the diaspora send home each year by using those remittances as collateral to raise financing from international markets. This approach has allowed banks in several developing countries — including Brazil, Egypt, El Salvador, Guatemala, Kazakhstan, Mexico and Turkey — to raise more than $15 billion since 2000.
Here’s how this works: When a migrant transfers foreign currency to a relative’s creditworthy bank in his home country, the bank pays out the remittance from its holding of local currency. That transaction creates a foreign currency asset equivalent to the size of the remittance, which can be used as collateral for borrowing cheaply and over the long term in overseas capital markets.
Such borrowing has no effect on the flow of money from migrants to their beneficiaries. Yet development banks, national banks in developing countries and donor agencies can partner to harness enough remittances and create enough collateral to raise significant sums of money to invest in agriculture, roads, housing and other vital projects.
The people of Africa are scattered around the globe, but many still feel a powerful sense of belonging to the continent. Through diaspora bonds and remittances, they could create a better future for their homeland.
Friday, March 11, 2011
Wednesday, March 9, 2011
How Recession is impacting immigrants
Studies have demonstrated disproportionate unemployment rate across racial line in the US. Yet little has been said about how immigrants are coping with the recession. It is about time data is collected to show how the American dream is eluding hardworking immigrants! Is there an initiative somewhere that someone can brief me on?
Tuesday, March 8, 2011
Unrest in Ivory Coast
The political unrest in the world largest cocoa exporting country appears to be getting nastier by the turn of the day. What does it take for the suffering of innocent civilians to get the same traction as Egypt and Libya? Mind you, Ivory Coast may not have oil, but experts say your Delicious chocolate may experience a price hike soon. West Africa's next madman (Mr. Gbagbo) must be shown the exit by any means.
Monday, March 7, 2011
Happy Independence Day Ghana!!
Congratulations to all Ghanaians on this gracious inde day! We should all be proud of our country. There is so much hope for the future of Mother Ghana. Lets all keep doing our best to better the world.
Sunday, March 6, 2011
AU Must Act Now
The African Union, an organization which ironically positioned Colonel Qaddafi as one of its power players, must flex some muscles to halt the atrocities against innocent Libyan citizens by this madman!
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