African Journal of Business and Economic Research (AJBER) Special Issue October 2022 Guest Editor: Prof Victor Ojakorotu
About This Edition
ISSN : 1750-4554 E-ISSN: 1750-4562
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Africa has remained the destination for business, trade, and investment despite its huge challenges that range from poverty, unemployment, infrastructural deficits, socio-economic insecurities, and financial public debts, among others. The scramble for Africa as a destination for business and investment is hinged on the fact that the continent has a teeming population, flexible sources of funding, with highly promising economic growth indices, and several fast-growing economies. However, despite these positive attributes, Africa has not been able to transmute or convert these positive attributes into sustainable human development outcomes for the benefit of the majority of her citizenry. Africa, in the context of evolving inclusive global realities, has merely provided participatory marginal frameworks in conception and practice. It has repeatedly struggled to show contextual workability for the varying aspects of the developmental enterprise in Africa. This is partly because the African environment has been turbulent, unfriendly, and unconducive for business to thrive. The incessant attacks currently being experienced in some African countries are detrimental to foreign investment and socio-economic development. African governments, through collaborative efforts within and outside the continent, have initiated strategies to boost Africa’s image in international trade and business. Yet, the continent continues to record low patronage of investment from foreign investors due to insecurity, violence, corruption, bad leadership, and stringent policy initiatives and enforcement.
In addition to the problem of an unfavorable business atmosphere in Africa, issues of respect for the rule of law, transparency and accountability, and respect for fundamental human rights are critical to doing business and investing in Africa. The majority of African countries suffer from a lack of public trust and confidence in their governments as a result of flagrant embezzlement and diversion of diaspora remittances; corruption; disrespect for the rule of law; abuse of human rights; and repression of press freedom. Business and investment across continents, including Africa, largely depend on how the law, fundamental human rights, and freedom of the press are respected. The failure of some African countries to respect and abide by the law and court decisions has significantly contributed to low levels of investment, business, and trade, which in turn, have collectively impoverished and underdeveloped Africa. For Africa to retain an enviable voice and position in the global system, there is a need to re-think strategies that can attract viable investment, business, and trade transactions in Africa.
The African Journal of Business and Economic Research offers relevant and timely endogenous procedures for addressing the challenge of transforming veritable ideas into sustainable opportunities in Africa. The array of articles in this special issue specifically addressed the problems of doing business and investment, thus limiting Africa’s economic development. These articles' findings advanced new knowledge and understanding of how Africa can reposition itself as a destination for investment and business, contributing to Africa's long-term development. Importantly, this special issue is multi-disciplinary focused and draws on relevant articles from fields such as diaspora remittance An Afrocentric examination of opportunistic crimes and protests; the role of local government in socioeconomic development; the US dollarized international political economy and Africa's plight; policy reforms and anticorruption performance trajectory Articles from this special issue provide adequate information on African solutions that can adequately advance the future development of Africa.
Professor Victor Ojakorotu
Department of Political Studies & International Relations