So, look at Africa in it's current state, several countries are starving, politically unstable (due to civil war or Islamic terrorism), poor and are stuck many years behind in living standards. So, would a re-introduction of the British Commonwealth work over there? Because some of these African countries currently cannot sustain themselves, whilst countries who still accept our assistance, such as Kenya, are doing rather well.
What it would guarantee for Africa is some much needed British assistance in improving food and water supply, living standards, employment, education, modern industrialisation and also security against terrorism and rogue political groups, in exchange for British military presence and training (depending on a country's security situation) and also money from African governments to go towards the British effort. Of course there will also be effort aimed at introducing equality and fair laws and unlike the 70s, no Apartheid.
To eliminate a potential spanner in the works, it will not be like the British Empire, the British government will work with African governments to achieve better outcomes through negotiation, trade/security offers and influence, rather than claim complete ownership of the country. Only in the case that the government is corrupt or does not allow the British to help despite all offers, will the British Army attempt to take control and then set up a new, pro-Commonwealth government.
All countries will get to keep their governmental systems and parties whilst in the Commonwealth, as well as any economical assets they already own, since the priority would be helping the countries build new ones. Taxes on the governments would simply be to pay off what the British government pays, and the taxes can be negotiated to ensure they aren't potentially too heavy.
So what do you think? Could Africa be helped out of the third-world with this reboot of the Commonwealth? Or would it not work?