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The main reason for poverty in Africa is, of course, colonialism. Not so much because it exploited Africa (which it did), but because it fucked up traditional economies and, perhaps just as importantly, because it introduced national borders which divided existing tribes, put together opposing tribes, and even created ethnic divides where there had been none before (for example, the divide between the Hutu's and the Tutsi was created by the Belgians).
Having been thus destabilized during colonialism, breaking free from it occured in the worst way possible. Within a few decades after WWII, most African nations gained freedom. However, the economic structures from the colonial period remained, making diversification of the economy extremely difficult and costly. Worse, many natural resources had been stolen or destroyed.
Now, perhaps these troubles could have been overcome, but unfortunately, most former colonies gained their independence during the cold war. Because of that, communism and the west fought over the various countries, supporting those who sided with them even if they were run by entirely corrupt dictatorships, which used the aid they got from their respective "allies" to strengthen their own position and fight any opposition, rather than to build up sustainable economies. This, in turn, fueled poverty and corruption, as well as internal strife. Also, loans taken out by corrupt governments have saddled most of Africa with an insurmountable amount of debt, while at the same time doing nothing for the local economies because the money went right to the pockets of the most corrupt politicians, officials and military leaders.
Another big contribution to today's situation is "blind aid", aid given without any regard for the political and economic consequences. For example, food aid has often fallen into the hands of the wrong people, who have used it to inprove their political position, while at the same time providing unfair, destructive competition for farmers and businesses.
Add to this an area mostly rife with disease, large amounts of less-than-fertile land, western trade barriers and a total lack of existing, efficient political structures, and it is not surprising that Africa is screwed up.
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