Let us have a look at two important big concept ideas or metanarratives in economics, namely: Opportunity Cost and Time Value of Money.
In simple terms, Opportunity Cost is the loss of other alternatives when one alternative is chosen. The time value of money (TVM) on the other hand is the idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity.
How many Finance Ministers in post colonised Africa truly understood and maximised these principles? If they did our Sovereign Wealth Funds will be bursting with exponential returns today.
As well as borrowing and interests, fundamentally these mathematical concepts were alien to the African psyche.
To make matters worse, as well as high levels of corporate corruption in the scramble for natural resources on the continent, the frontiers of these economic principles were continuously advanced through rigours in tertiary institutions across the West.
This is fundamentally what Fela was trying to address in his seminal piece: “Teacher, Don’t Teach Me Nonsense”. The central premise of his thought being the fact that our current systems and institutions (UN, IMF, World Bank, G20 etc.) which controls the big affairs of this World were set up and maintained based on Western Thought. In other words, they set them up, own the rule book, and set the standards.
So, except Africa accelerates her knowledge base, understand these concepts, and perhaps come up with a different trajectory, we will continue to lag behind.
Sadly, we seem to be addressing these issues on one front only – the Bible. Even those that attend tertiary institutions have been blinded through bad doctrines and dogmas, to the point where their education is worthless. I have seen highly intellectual minds turned to zombies in my time as they come to ‘faith’. Almost as if God is against the use of our minds. This makes no sense.
As churches have increased, the value of education has diminished.
Reachout | Revive | Recover