Dr. Kingsley Moghalu, President of the African School of Governance, has sharply criticized the philosophical shortcomings in African economic management, branding much of the continent’s economic thought as reliant on ineffective, borrowed ideas. Speaking on the Toyin Falola Interviews, Moghalu expressed concern over the uncritical adoption of Western economic models that fail to consider Africa’s unique realities.
He highlighted a significant gap in ethical and philosophical foundations essential for successful economic systems, lamenting that many African nations adopt foreign models without understanding their core principles. “The problem of economic management in many African countries is the emptiness of these economic management philosophies,” Moghalu stated, emphasizing that capitalism requires an ethical framework.
Moghalu compared the foundational philosophies of the West and Asia, noting how these perspectives inform their governance and development strategies. He argued that without a robust philosophical foundation, any political or economic system is likely to fail.
Addressing governance issues, Moghalu pointed out the duality present in modern African states, where formal constitutional systems exist alongside traditional cultural practices. He advocated for a governance model that reconciles these dual realities and promotes ethical leadership to combat corruption.
Moghalu also underscored the importance of teaching ethics in African educational institutions, arguing that a lack of values and ethics contributes to pervasive corruption in countries like Nigeria. He believes traditional rulers should play an advisory role in governance, without political appointments.
Through these insights, Moghalu calls for a deeper philosophical engagement in African economic policy to foster genuine progress and development.
