JPMorgan’s Q2 earnings reports are rolling in, and the business has never been stronger. Now, let’s talk about something that’s a lot more important than operating profit margins and EPS. It's about power, about legacy, and about the very real lives that will be impacted by JPM's expansion into Africa. Let's be blunt: is this a genuine partnership for progress, or a 21st-century scramble for resources disguised in pinstripes?

Whose Growth Are We Talking About?

We’re all familiar by now with JPM’s ambitious growth targets. Doubling AWM client assets to $2 trillion? Impressive. What then of fostering the growth of African businesses? Smallholder farmers and Nigerian tech startups are brewing up in Lagos and Nairobi! Will JPM’s presence help them succeed? Or will it suffocate them beneath the crushing burden of Wall Street capital and exotic financial instruments?

Think about it. JPM, with its $4.4 trillion in assets, has essentially unlimited resources to outspend local banks in bidding and hiring talent. If unregulated, they can provide lower interest rates (at first) and cherry-pick the best projects. At the same time, what happens when you weaken those local banks, the very ones who know the ins and outs of the African market? What happens when African entrepreneurs don’t get to build their own ecosystem, but are instead forced to play by Wall Street’s rules?

It's a stark choice, isn't it? A choice between sustainable growth, rooted in local ownership and knowledge, and rapid growth, driven by external forces and potentially fleeting capital. We need to demand transparency. We need to ask JPM: How are you ensuring that your expansion strengthens, not weakens, the African financial ecosystem?

Echoes of Colonialism in Financial Statements?

Jamie Dimon is freaking out about tariffs, interest rates, and inflation. Fair enough. But are we concerned about the risk of financial colonialism? Are we thinking about the long history of exploitation and extraction that has characterized the African continent for centuries?

It may seem over the top, but the similarities are chilling. Economic imperialism foreign powers were once in full control of Africa, stealing its natural resources. Now, global financial institutions are competing to stake their claim into its financial assets. The language changes with terms such as “market share,” “investment opportunities,” and “risk management.” The underlying dynamic can seem eerily familiar.

Despite continuing troubling economic indicators, the Q2 report continues to brag about high credit card balances and high consumer spending. Whose pockets are being lined? Whether these profits are getting reinvested in African communities or flowing like sewage back to New York’s shareholders that remains an open question.

Finally, we need to keep in mind that Africa is not a monolith. Each country, each jurisdiction, has different objectives and different goals. A cookie-cutter approach, driven by the algorithms and spreadsheets of Wall Street, will never succeed. Arguably even worse, it risks deepening the very same inequalities that it purports to fix.

A Call to Action: Demand True Partnership

That’s not enough to just wish that JPM’s Africa play will end up being a force for good. We need to demand it. And we must, more than ever, hold them accountable for their actions. Their presence ought to enrich the African people first of all, and only afterwards their shareholders.

The fate of Africa rests in the hands of its energetic youth, now more than ever. Together, let’s make sure that Wall Street’s behemoths are allies in moving forward rather than creating a new gilded-age of servitude. The world is watching, and the people of Africa deserve better. We all do. Let's not be complacent.

  • Support local businesses: Choose African-owned companies whenever possible. Invest in their success.
  • Demand transparency: Ask JPM to disclose the details of their investments and partnerships in Africa. Where is the money going? Who is benefiting?
  • Advocate for fair trade practices: Support policies that promote African ownership and control of their own resources.
  • Hold JPM accountable: If you see evidence of exploitation or unfair practices, speak out. Use social media, write to your elected officials, and support organizations that are working to promote economic justice in Africa.

The future of Africa is in the hands of its people. Let's ensure that Wall Street's giants are partners in progress, not architects of a new form of exploitation. The world is watching, and Africa deserves better. We all do. Let's not be complacent.