There is a persistent misconception that imperialism and colonialism did not significantly contribute to Africa’s underdevelopment. However, historical evidence reveals that colonial powers extensively extracted natural resources and controlled economic activities, leaving many African nations with fragile economies and infrastructure. The assertion that Botswana, which was least impacted by colonization, has thrived partly due to effective regulation of its resources, highlights how governance and policy can influence the utilization of wealth from natural resources. Moreover, the concept of neocolonialism emerges as some modern business practices and international relations continue to affect Africa’s sovereignty over its resources and economic decisions. The debate centers around whether current foreign investment and trade agreements empower African nations or exploit them under new guises. Advocates for decolonization emphasize the importance of national industry and state-owned enterprises in fostering genuine economic independence. Understanding this complex history and the ongoing impacts of business on Africa’s development offers valuable insights into the challenges faced by post-colonial states. It also encourages a nuanced discussion about how to promote sustainable growth that respects Africa’s autonomy while engaging positively with global markets.