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EDITORIAL

The IMF/World Bank Economic Solutions: A Dead-End for Africa

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The year 2024 was one of unprecedented economic turmoil for many African nations. From Nigeria and Ghana to Kenya, the adoption of IMF and World Bank economic prescriptions has proven catastrophic for governments and citizens alike. Civil unrest, protests, and elections that turned into referenda on economic mismanagement have sent a loud and clear message: Africa needs alternative economic solutions.

The Crisis of Western Economic Prescriptions

For decades, African nations have turned to the IMF and World Bank for financial relief and development guidance. Yet, these solutions often impose austerity measures that fail to address the structural and systemic issues plaguing African economies. Instead of providing lasting relief, these prescriptions have deepened inequalities, weakened local economies, and undermined governments’ ability to deliver essential services.

Last year, Ghana emerged as a striking case in point. Under the ruling New Patriotic Party (NPP), the government embraced IMF-driven austerity measures in a bid to stabilize its economy. Salary freezes, subsidy removals, and tax hikes led to widespread hardship. Inflation skyrocketed, unemployment surged, and the Ghanaian cedi plummeted, eroding the purchasing power of ordinary citizens. In response, Ghanaians overwhelmingly rejected the NPP in the recent general elections, favoring the opposition National Democratic Congress (NDC), which campaigned on promises of more inclusive economic policies.

Similarly, Nigeria experienced widespread protests after its government removed fuel subsidies and devalued the naira, following IMF recommendations. The resulting cost-of-living crisis has pushed millions into poverty, reigniting public skepticism about Western economic solutions. In Kenya, protests against tax hikes and soaring inflation signaled growing discontent with austerity measures that prioritize foreign debt servicing over citizen welfare.

The Failures of Austerity

The IMF and World Bank’s approach to economic stabilization hinges on austerity—a strategy that often translates into deep cuts in public spending, the removal of subsidies, and an overreliance on external borrowing. While these measures may temporarily appease creditors and stabilize currencies, they do so at the expense of long-term development.

  • Social Impact: Public sector cuts disproportionately affect the most vulnerable. Education, healthcare, and infrastructure investment suffer, leaving citizens without access to critical services.
  • Economic Consequences: Austerity stifles local economies, as reduced public spending limits demand and curtails economic activity. Small businesses, which form the backbone of many African economies, are particularly hard hit.
  • Political Ramifications: The social unrest resulting from economic hardship undermines political stability and weakens public trust in governance.

The Call for Alternatives

The Islamic Economist has long argued for alternative economic models that prioritize social equity, local resource mobilization, and long-term sustainability. Western-inspired solutions treat African economies as monolithic entities, ignoring their unique contexts, resources, and potentials. To break free from this cycle, African governments must:

  1. Promote Economic Justice: Adopt policies that distribute wealth equitably and empower marginalized communities. Islamic finance models, for instance, emphasize fairness, risk-sharing, and ethical investment.
  2. Leverage Local Resources: Instead of depending on external loans, African nations must explore domestic resource mobilization strategies, such as efficient tax collection and combating corruption.
  3. Strengthen Regional Collaboration: Regional bodies like ECOWAS, SADC, and the African Union must play a greater role in developing homegrown economic policies and fostering intra-continental trade.
  4. Invest in Human Capital: Prioritize education, healthcare, and technology to build a resilient and self-sufficient workforce capable of driving innovation and development.
  5. Diversify Economies: Overreliance on commodities like oil, gold, and cocoa has left African economies vulnerable to global market fluctuations. Diversifying into sectors like renewable energy, manufacturing, and technology is crucial.

The Role of Islamic Economics

Islamic economics offers a viable alternative rooted in principles of equity, justice, and sustainability. By rejecting interest-based borrowing and speculative investments, Islamic finance prioritizes real economic activity and the well-being of communities. Its emphasis on ethical investing, shared risks, and inclusive growth resonates with the needs of African economies.

Furthermore, the Islamic Development Bank and similar institutions can provide guidance and support for African nations seeking to adopt these principles. Governments should explore Sukuk (Islamic bonds) as a means of raising capital for infrastructure projects, ensuring that the benefits are shared broadly.

A Call to Action

The lessons of 2024 cannot be ignored. The IMF and World Bank’s prescriptions have left a trail of economic despair and political instability across Africa. The rejection of these policies by citizens and, increasingly, by governments underscores the urgency of seeking alternative pathways to development.

The Islamic Economist calls on African leaders to chart a bold, independent course. By embracing ethical economic models, fostering innovation, and prioritizing the needs of their people, African nations can break free from the cycle of dependency and despair. The time has come for a Pan-African Economic Summit to explore these alternatives and develop a collective vision for a prosperous future.

Africa’s destiny must lie in its own hands. Let 2025 be the year when the continent finally turns the page on failed prescriptions and embraces solutions that work for its people.


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EDITORIAL

The Last Ten Days of Ramadan: Seeking the Night of Power and Economic Renewal

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Ramadan, the holiest month in the Islamic calendar, is a time of immense spiritual renewal, self-discipline, and devotion. However, its final ten days hold a special status, carrying unmatched rewards and blessings. This sacred period serves as an opportunity for believers to intensify their worship, seek forgiveness, and strive for closeness to Allah. Among these ten nights, one stands above all—the Night of Power, Laylatul Qadr.

The Significance of the Last Ten Days

The last ten days of Ramadan are marked by increased acts of worship, including prolonged prayers (Tahajjud), supplications, and recitation of the Qur’an. Many Muslims engage in i’tikaf, a spiritual retreat in the mosque, dedicating themselves exclusively to prayer and reflection. These final nights are seen as a chance for redemption, a time to seek Allah’s mercy and to atone for past sins.

Prophet Muhammad (peace be upon him) exemplified the essence of these days, increasing his devotion through deeper prayer, supplication, and acts of kindness. Aisha (may Allah be pleased with her) reported that when the last ten nights of Ramadan arrived, the Prophet would tighten his belt (a metaphor for striving harder), stay up throughout the night in worship, and awaken his family to partake in these blessed moments.

Laylatul Qadr: The Night That Transcends Time and Wealth

Laylatul Qadr, the Night of Power, is described in the Qur’an as “better than a thousand months” (Surah Al-Qadr, 97:3). It is the night on which the first verses of the Qur’an were revealed to Prophet Muhammad (peace be upon him) through Angel Jibreel (Gabriel). The rewards for worship on this night are multiplied exponentially, making it an unparalleled opportunity for spiritual and economic elevation.

Although the exact date remains unknown, it is widely believed to fall on one of the odd-numbered nights in the last ten days, particularly the 21st, 23rd, 25th, 27th, or 29th night of Ramadan. This divine ambiguity encourages believers to seek it diligently throughout the final days, ensuring continued devotion rather than a singular effort.

The Prophet (peace be upon him) advised Muslims to seek Laylatul Qadr and recite the following supplication:

“Allahumma innaka ‘afuwwun, tuhibbul ‘afwa, fa’fu ‘anni.”

(O Allah, You are Most Forgiving, and You love to forgive, so forgive me.)

Economic Lessons from the Last Ten Days

Beyond spiritual benefits, Ramadan and its last ten days offer profound economic wisdom. The principles of sacrifice, self-restraint, and wealth distribution during this period mirror the fundamental tenets of Islamic economic thought:

  1. Redistributive Justice through Charity – The emphasis on zakat (obligatory almsgiving) and sadaqah (voluntary charity) fosters equitable wealth distribution, reducing economic disparity and promoting social welfare.
  2. Ethical Consumption and Resource Management – Fasting teaches moderation and responsible consumption, encouraging a more sustainable economic model that curtails waste and excessive materialism.
  3. Investment in Human and Social Capital – Acts of charity and community engagement enhance social cohesion and economic stability, reinforcing a cooperative economic framework where wealth is not hoarded but circulated for the benefit of all.
  4. The Economics of Barakah (Divine Blessing) – Economic success in Islam is not measured solely by material gain but by the barakah in one’s wealth and endeavors. The heightened devotion of these ten days is an investment in both spiritual and economic prosperity.

Maximizing the Last Ten Days

To make the most of these precious nights, Muslims are encouraged to:

  1. Engage in Continuous Prayer – Prolonged night prayers (Tahajjud) and deep supplications open the doors of mercy and forgiveness.
  2. Recite and Reflect on the Qur’an – The Qur’an was revealed during this blessed month, making its recitation and contemplation even more meaningful.
  3. Seek Forgiveness and Make Dua – The final days are a golden opportunity to ask Allah for guidance, mercy, and forgiveness for past and future.
  4. Perform Acts of Charity – Giving to the less fortunate amplifies blessings and strengthens one’s connection with Allah while contributing to economic justice.
  5. Maintain Sincerity – Actions should be carried out with pure intentions, seeking only Allah’s pleasure.

Conclusion

The last ten days of Ramadan serve as a spiritual climax, a time when the doors of mercy and forgiveness are flung wide open. It is a period of reflection, renewal, and deep supplication, culminating in the search for Laylatul Qadr. Additionally, the economic wisdom embedded in this sacred time teaches valuable lessons about ethical wealth management, social responsibility, and the long-term sustainability of resources.

As Muslims around the world immerse themselves in worship, may they find peace, enlightenment, and the boundless rewards of this sacred month. May this period inspire not only spiritual elevation but also a renewed commitment to economic justice and ethical financial conduct.

May Allah grant us all the ability to maximize these final days and nights and allow us to witness the blessings of Laylatul Qadr. Ameen.


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EDITORIAL

Gaza Burns: The World Must Act Now

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Once again, the world bears witness to the horrors unfolding in Gaza—an unrelenting genocide that exposes the brutality of the Israeli war machine, fully backed, armed, and shielded by the United States and its Western allies. Within mere hours, over 400 Palestinians have been massacred—many while asleep, their homes reduced to rubble in a fresh campaign of carpet bombing. The so-called ceasefire, fragile and insincere, has been shattered with devastating precision, ensuring that Gaza remains a blood-soaked prison for its 2.3 million besieged inhabitants.

Entire families have been wiped out. Hospitals, already teetering on the brink of collapse due to years of blockade, are overwhelmed with the injured and the dead. The few remaining medical facilities struggle without electricity, medicine, or supplies, their doctors forced to choose who lives and who dies. And while the world watches in muted horror, Gaza burns once again.

But this crime does not stand in isolation. Across the occupied West Bank, in Lebanon, Syria, and Yemen, the US-Israeli axis escalates its destruction, trampling what remains of international law. The global order, once designed to prevent such atrocities, has instead become a tool of impunity for those who wield power with cruelty. UN resolutions, human rights conventions, and international treaties have all been reduced to meaningless words, discarded whenever they threaten to restrain the oppressor.

What we are witnessing is not just another escalation—it is the systematic annihilation of an entire people, a continuation of the Nakba that began in 1948. The world’s conscience is being tested, and history will judge those who remain silent.

To those who claim to uphold justice, democracy, and human rights: where is your voice now? To the leaders of the Muslim world, bound by faith and duty to defend the oppressed: how much longer will you look away? And to every individual who values human dignity: now is the time to act, to raise your voice, to demand justice, and to refuse to be complicit in this unfolding genocide.

Gaza does not burn alone—it burns as a testament to the failure of our humanity. If the world does not act now, history will remember this moment as one where civilization itself stood at the precipice of moral collapse and chose silence over justice.

#GazaGenocide #EndTheOccupation #JusticeForPalestine


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EDITORIAL

Trump’s Vision for the United Nations: A Return to Peace or a Power Play?

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The Trump administration’s approach to the United Nations has been marked by both rhetoric and retreat. While officials insist that U.S. President Donald Trump envisions a return to the U.N.’s founding principles of maintaining international peace and security, the policy specifics remain elusive. What is clear, however, is that Washington’s actions reflect a shift toward a more transactional, power-driven use of the international body—one that favors big-power dealmaking at the expense of multilateralism.

The Trump administration has made no secret of its dissatisfaction with the U.N., systematically pulling the United States out of key multilateral commitments. It has withdrawn from the World Health Organization (WHO), defunded agencies that focus on human rights, and announced a full-scale review of U.S. multilateral obligations, including the U.N. Charter itself. Such moves indicate a broader strategy: Washington is seeking to reshape the U.N. into a mechanism that serves its immediate national interests rather than an institution that fosters global cooperation.

This strategy became even more apparent last week, on the third anniversary of Russia’s full-scale invasion of Ukraine. Traditionally, the U.N. General Assembly has been a stage for collective condemnation of aggressors and an affirmation of international norms. The Biden administration had previously supported resolutions that reaffirmed Ukraine’s sovereignty and territorial integrity. However, Trump’s approach suggests a departure from this collective stance, instead signaling that the U.N. could be a forum where great powers dictate the terms of engagement, sidelining smaller nations and their concerns.

Preserving Multilateralism and Justice

We believe that the integrity of the U.N. must not be sacrificed on the altar of unilateralism. The United Nations, for all its flaws, remains one of the last bastions of collective diplomacy, providing a platform for weaker nations to voice their concerns and influence global decisions. The Trump administration’s efforts to undermine multilateralism and restructure the U.N. into a tool of great-power politics threaten the very essence of global cooperation and peacebuilding.

The Islamic world, particularly nations that have suffered from unilateral interventions and geopolitical maneuvering, should be deeply concerned. If the U.N. is remolded into a vehicle for power politics, then smaller nations—many of them in the Global South—will find themselves increasingly marginalized. This trend is dangerous, not only for Muslim-majority countries but for all states that rely on international law and institutions to uphold their sovereignty and rights.

The Need for Reform—But Not at the Cost of Integrity

Yes, the United Nations requires reform. The Security Council’s structure, the inefficiency of certain U.N. agencies, and its inability to prevent major conflicts all point to the need for change. However, reform must be inclusive, transparent, and aimed at strengthening multilateralism—not at dismantling it.

The Trump administration’s vision appears to be one of selective engagement: withdrawing from commitments that uphold human rights and international development while using the U.N. as a battleground for power politics. This double standard weakens the moral and diplomatic credibility of the U.S. and threatens global stability. If Washington is truly committed to a U.N. centered on peace, then it must reaffirm its commitment to international cooperation rather than coercion.

A Call to Action

The Islamic Economist urges all nations, especially those in the developing world, to resist efforts that erode the U.N.’s impartiality. The world cannot afford a United Nations that serves only the powerful while neglecting its broader mission to uphold peace and security for all. Leaders of the Global South, including those from the Muslim world, must push for genuine reform that preserves the U.N.’s role as a fair arbiter of international law and diplomacy.

The Trump administration’s attempt to remake the U.N. must be critically examined. If the organization is to continue as a force for global peace, its leadership must not capitulate to unilateral interests. The Islamic Economist stands firmly against any efforts to dilute multilateralism, urging all stakeholders to protect the fundamental principles of justice, equity, and peace that the U.N. was founded upon.


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