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Economic Reforms and Restructuring in Sub-Saharan Africa: An Overview

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  • Augustin Kwasi Fosu
  • Mwangi S. Kimenyi
  • Njuguna S. Ndung'u

Abstract

As the economies of most Sub-Saharan countries stagnated, especially in the early 1980s, it became necessary to reform and restructure these economies. The financial sector received a major part of this attention and so did infrastructure, where programmes of deregulation and privatisation with regulation were implemented. This paper presents an overview of the set of papers appearing in the current volume on these reforms. For the financial sector, the following subjects are covered: (i) the relationship between the development of financial markets and macroeconomic policy; (ii) a report card on the African experience in financial liberalisation, vis-ý-vis the rest of the developing world; (iii) a comprehensive review of the literature and new empirical evidence on financial development and economic growth; and (iv) an account of recent developments in African financial markets, with an emphasis on the need for further research. For the regulation/deregulation of the infrastructure, the experience of the transport sector is first provided, followed by the presentation of a framework for understanding the regulatory failures of recent privatisations in many African countries, especially in the light of corruption. An overriding message emanating from this volume is the importance of the quality of institutions in ensuring the success of economic reforms. Copyright 2003, Oxford University Press.

Suggested Citation

  • Augustin Kwasi Fosu & Mwangi S. Kimenyi & Njuguna S. Ndung'u, 2003. "Economic Reforms and Restructuring in Sub-Saharan Africa: An Overview," Journal of African Economies, Centre for the Study of African Economies, vol. 12(Supplemen), pages 1-11, September.
    • Handle: RePEc:oup:jafrec:v:12:y:2003:i:supp2:p:1-11
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    Cited by:

    1. Karel Tomšík & Luboš Smutka, 2013. "Selected aspects and specifics of the economic development in sub-Saharan Africa," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(2), pages 517-528.
    2. Loesse Jacques Esso, 2010. "Re-Examining The Finance-Growth Nexus: Structural Break, Threshold Cointegration And Causality Evidence From The Ecowas," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 35(3), pages 57-79, September.
    3. Muwanga Sebunya Gertrude, 2021. "Economic Growth and Financial Sector Development: Long-Run Structural Break Cointegration and Short-Run Equilibrium Relationships in the East African Community," International Journal of Applied Economics, Finance and Accounting, Online Academic Press, vol. 9(2), pages 48-62.
    4. Esso, Loesse Jacques, 2010. "Threshold cointegration and causality relationship between energy use and growth in seven African countries," Energy Economics, Elsevier, vol. 32(6), pages 1383-1391, November.
    5. Mensah, Justice Tei, 2014. "Carbon emissions, energy consumption and output: A threshold analysis on the causal dynamics in emerging African economies," Energy Policy, Elsevier, vol. 70(C), pages 172-182.
    6. Loesse Esso, 2012. "Re-examining the saving-investment nexus: threshold cointegration and causality evidence from the ECOWAS," Economic Change and Restructuring, Springer, vol. 45(3), pages 193-220, August.
    7. Audrey Chouchane-Verdier, 2004. "Une analyse empirique de l'impact de la libéralisation financière en Afrique subsaharienne sur la période 1983-1996," Revue Tiers Monde, Programme National Persée, vol. 45(179), pages 617-641.

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