Globalisation and Africa

S. Ibi Ajayi

Journal of African Economies, 2003, vol. 12, issue Supplement 1, 120-150

Abstract: This paper analyses the issues of globalisation in Africa. It contends that Africa's economic marginalisation, the result of its relatively isolationist policies and closed economies, explains why economic prosperity has eluded most of the continent. It asks a number of questions and attempts to provide answers to them. The question is not whether Africa should integrate into the world economy, but rather the form and manner of its integration. The appeal for a more open economy is based on a simple but powerful premise: that economic integration will improve Africa's macroeconomic performance. Additionally, globalisation offers new opportunities, including expanded markets and acquisition of new technologies and ideas. For Africa to benefit from globalisation, it must position itself appropriately through appropriate policy measures. Using the indicators of integration into the world economy, Africa still has a long way to go; it must take adequate steps to remedy the deficiencies. While the playing field in international trade is not level, African countries must take necessary steps towards the evolution and development of a co-ordinated trade strategy. With better policies, Africa can trade more, attract more capital flows and benefit immensely from full integration into the world economy. Copyright 2003, Oxford University Press.

Date: 2003
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