Neocolonialism in a Sheep Skin: Foreign Aid and Development in Africa: Whose Interests?

The demise of colonialism was meant to usher in a new period of development where Africa incorporates the values of pan-Africanism and African solidarity to drive and consolidate the renewal of Africa. However, what was hoped is not what has happened; conflicts over resources have driven political instability and a breakdown in governance, thus exacerbating poverty and inequality. This chapter examines how former colonizers have used foreign aid and foreign direct investment in Africa to extend their grip and influence in post-colonial era. The chapter employed a qualitative research approach and reviewed the literature on the phenomenon under examination. Nkrumah's Neocolonialism Theory was used as a theoretical lens. It became apparent that Africa is still in the grip of former colonizers via unfair trade systems, military interventions under the pretext of countering terrorism, and military coups, factors that have further suffocated the need for unity and development. International financing institutions have and still contribute to Africa's developmental problems through stringent loans that force African states to cut back on social welfare, thus sparking protests and riots. It will be difficult for Africa to break free from the chains of colonialism; a lack of political disunity drives this.