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AFRICA’S ECONOMIC DEVELOPMENT IN THE GLOBAL CONTEXT: THE INFLUENCE OF EXTERNAL ECONOMIC FACTORS ON POLICY-MAKING AND MANAGEMENT IN THE CONTINENT
Abstract: International linkages, capital movements, and trade relations unleash enormous growth opportunities for poor countries: such opportunities include larger and deepened trade openings, managerial and production innovations, tourism, carbon credits, improved access to information and communication technology, amongst others. But Sub Saharan African (SSA) countries generally face unfavourable initial conditions: inequitable trade relations, price volatility, heavy external indebtedness, oil market shocks, and capital flight; and their capacity to deal with these challenges is hampered by weak competitive competence, low absorptive capacity, poor planning and policy implementation, and non-compatibility with changing global realities. This paper examines how challenges posed by the aforementioned external factors, and the internal incapacities, affect growth and development in the SSA region. The paper concludes that African countries should look inwards, by individually and collectively addressing the internal incapacities to enhance the capacity to deal with the external factors.
Key Words: External Factors, competitive competence, external shocks, policy failures, capital flows, debt burden.