On investing in Africa and “uneven development”

I recently watched a video where a financial expert offered advice for diasporan Africans seeking to invest in Africa. She highlighted two areas of particular concern to the state and commercial interests: agribusiness and real estate. The agribusiness discussion touched on some things by which I was both surprised and unsurprised. One surprising element is the growing global demand for Ghanaian pineapples. According to my wife, they are quite good. It would appear that many folks in Eurasia agree.

With regards to real estate there’s great interest for housing developments for the cosmopolite elite. Apparently, though there is a great need for housing for the poor and laboring masses, it simply isn’t as lucrative to house them as the petty bourgeoisie. No surprises there. This is the same model that prevails in the hyper-developed west.

Ghana reflects something a bit different from what Walter Rodney postulated (underdevelopment), which I call “uneven development”. This is the pattern that enables the educated elite to enjoy all of the conveniences and privileges that the 21st century offers, while others live a century or more removed from such opulence. You can see this first hand when you go to Accra, two centuries side-by-side. Its very interesting.

Of course my reason in posting this is not simply to critique the inevitable social malformations that capitalism produces, but to highlight the emergent economic forms of the global south where increasingly the diaspora is returning home, armed with cultural and commercial capital, and building edifices to the vapid western model of development.

Yes we should invest in African economies (both on the continent and in the diaspora), but I fear that if we do so absent a vision of economic development that produces Anderson Thompson’s African Principles, that is “the greatest good for the greatest number”, then we are simply playing a game of hegemonic musical chairs–where we take the place of the west as the lords of Black misery. We have to be better than that.