With both domestic and external financing expected to dry up in the wake of the COVID-19 pandemic, this book argues that there is a need for fresh ideas and new strategies for achieving sustainable development in Africa.
In addition to triggering the most severe recession in nearly a century, the COVID-19 pandemic has disrupted global value chains, causing unprecedented damage to healthcare systems, economies, and well-being, hitting the world’s most vulnerable people the hardest. Even before the pandemic, Africa was suffering from the effects of low commodity prices, sluggish GDP growth, high debt levels, low levels of domestic savings, and weak private capital inflows. This book argues that now, as the continent emerges from the current crisis, it will be important to reconfigure current financing sources under a forward-looking framework that incorporates other non-traditional financing tools and mechanisms such as public-private partnerships, sovereign wealth funds, gender lens investing, new growth drivers, and emerging and disruptive technologies. Finally, the book concludes by adopting a sectoral approach and examining the real economy impacts of new growth drivers such as agriculture value chains, industrialization, tourism, and the blue economy.
Drawing on a range of original research as well as insights from practice, this book will be a useful guide for Global Development and African Studies researchers, as well as for policy makers, investors, finance specialists, and global business practitioners and entrepreneurs.
Foreword by Akinwumi A. Adesina (President, African Development Bank) Introduction FRED OLAYELE AND YIAGADEESEN SAMY 2 Time for a Reset: Leveraging the Green Transition to Harness Minerals for an African Battery Value Chain MARIT Y. K ITAW AND JOHN ROBERT SLOAN 3 Nigeria’s and Ghana’s SWFs: It is Raining, But Where Are the Funds? MATT GOUETT 4 Enhancing Gender-Responsive Financing in Africa: A Sustainable Development Perspective AKOLISA UFODIKE AND SUSANNA ALLY 5 Redesigning Africa’s TVET to Achieve the United Nations Sustainable Development Goals TITI OLAYELE 6 Correcting the Myths ANDREW S. NEVIN, ADUNOLA BELLO AND OMOMIA OMOSOMI 7 Repurposing FDI Inf lows for Development Finance in Africa DAVID OLUDOTUN FASANYA 8 Rethinking Fiscal Space and Debt Sustainability BARTHOLOMEW ARMAH 9 Implementing the African Continental Free Trade Area: A Simple, Scalable, and Fast Computational Approach for Algorithmic Governance CRAIG ATKINSON AND JOSEPH POTVIN 10 Revisiting Africa’s Deindustrialization Debate YIAGADEESEN SAMY AND SAMUEL OJO OLORUNTOBA 11 Charting the Uncertain Voyage Ahead: The Sustainability and Resiliency Challenges Confronting Africa’s Tourism Industry FERGUS T. MACLAREN 12 Africa’s Blue Economy as a Development Finance Opportunity: Lessons for Policy Innovation JEAN-PAUL ADAM AND FRED OLAYELE 13 Harnessing the Agriculture Value Chain for Development MAHAMADOU NASSIROU BA 14 Conclusion FRED OLAYELE AND YIAGADEESEN SAMY
Fred Olayele is Director, Sprott Centre for African Research and Business, Carleton University, Canada, and Director-General, Pan-African School of Policy Innovation. Yiagadeesen Samy is Director, Norman Paterson School of International Affairs, Carleton University, Canada.
