The Economic Emancipation of Africa – Putting the Triple Heritage to Work Through Integral Banking

Abstract

Africa is a civilization built on three pillars, in principle, and yet in practice the actors are influenced by these forces of the African triple heritage; as represented by Ali Mazrui’s reflection of the African people, are not yet acting as such in economic unison. Indeed there is a discordant mix of economic consciousness, or conflict between tradition and modernity which has inhibited the impact on economic growth and development. What then has destabilized these innocent states of Africa? Where are the spirits of peace and wisdom? Wole Soyinka’s god of lyrics and idiomatic expression is present in African literature but not economics. Islamic finance certainly has some empirical solutions to offer on issues of human wellbeing (falah) and communal good life (hayya al tayyibah) but not yet in coherent guise; and the Christian missionaries have exposed Africans to Western education. Why then would the iroko tree near the reverend father’s house be cut down due to some extreme beliefs? How can one imagine an Africa that finds purposefully accommodating an integral mix of perceptions – of their own indigenous believes, Islamic affiliations and Westernized Christian ideologies? The African World System purportedly addresses development matters and unequal opportunities across nations while accommodating both political and also intellectual issues where theory and practice are interwoven. Many previous socio-economic theories are unfavourable to African development even though they worked in the North and West, at least to some point – before the melt down of neo-classical economic activities. With all these challenges, Africa still contends with the forces of the triple heritage and this piece illustrate a practical economic application of such.