By S. Onyeiwu
Onyeiwu specializes in how occasions of the twenty-first century are shaping key sectors of African economies and societies. He means that, in comparison to East Asia and Latin the US, Africa nonetheless has a ways to move, regardless of fresh advancements in functionality.
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Extra info for Emerging Issues in Contemporary African Economies: Structure, Policy, and Sustainability
5. New resources and the “Dutch Disease”: The discovery of new sources of oil and gas in Africa may be a blessing or a curse, depending on the nature of governance and accountability in the new oil-producing countries. Economists use the concept of the “Dutch Disease” to describe a phenomenon in which resource extraction destroys productive sectors of the economy, especially agriculture and manufacturing. For instance, resource-rich countries often overvalue their currencies, thus encouraging imports and discouraging exports of agricultural and manufactured goods.
This variant of “entrepreneurs” depended essentially on government contracts and largesse, rather than investing in productive sectors of the economy. 12 But this is changing, albeit incrementally, in contemporary African economies. 1). While the petite-bourgeois class typically demanded access to the government, the new entrepreneurs demand good economic policies and an enabling environment for business. Why are African petite bourgeoisies metamorphosing into productive investors? There is a two-way relationship between government accountability and entrepreneurship.
23 In countries like Ethiopia, government regulations and laws forbid foreign investors from the real-estate sector. Where the government has no control over land, traditional tenure systems make it cumbersome for investors to purchase land for development. In many African cities, there is simply not enough land to build on, and investors are often reluctant to build too far away from the city centers, where insecurity and lack of infrastructures may pose difficulties. Vast areas of land exist around major African cities within a radius of about 40 miles.