Global Governance of Finance and African Relations with the World

Africa’s relations with the global financial system has been largely informed by the need to secure capital for development projects. The Bretton Woods institutions, namely the International Monetary Fund and the World Bank have been charged with helping countries grappling with macroeconomic problems and development challenges. The chapter examines the debates on the global and continental context of finance and African relations with the world. The chapter examines the implications of global governance of finances on Africa’s economies. Situating the African financial crisis and development within the International Monetary Fund as a point of interrogation, the paper analyzes the appropriateness of IMF loans to African countries, determine the conditions of these loans, and highlight the internal functioning of IMF itself. The chapter shows that the global governance has varied implications for economic development in different countries in Africa.