Walter Powell and Kaisa Snellman define knowledge economy as production and services based on knowledge-intensive activities that contribute to an accelerated pace of technological and scientific advancement, in addition to equally rapid obsolescence. The knowledge economy is based on theoretical knowledge being a source of innovation, and the primary sources of theoretical knowledge in the economy are sites of knowledge production. Academia is one such site. By conducting a content analysis on papers about Intellectual Property and Indigenous Knowledge protection to examine academia’s role in the knowledge economy of colonized African nations, I argue that the globalized form of the knowledge economy manifests as a phenomenon of postcolonial hauntology by creating a neocolonial hell that locks African nations into a model not serving their development needs.