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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The global economic and financial crisis: challenges and prospects for sub-Saharan African countries
Author:Dalimini, Musa P.
Year:2012
Periodical:African Administrative Studies (ISSN 0007-9588)
Issue:78
Pages:29-47
Language:English
Geographic term:Subsaharan Africa
Subjects:economic recession
financial conditions
government policy
Abstract:The global financial crisis has had devastating effects on economies throughout the world, and particularly in sub-Saharan Africa. After a brief examination of the causes and consequences of the global economic and financial meltdown, the author discusses the challenges the crisis poses for countries in sub-Saharan Africa. He observes that countries in sub-Saharan Africa face shrinking production, spiralling unemployment and other socio-political problems, particularly as people come under extreme pressure as a result of the erosion in real disponibel income. Although the majority of African countries have taken steps to meet the challenges of the crisis by reducing interest rates, including taxes, and increasing government spending, particularly in infrastructure, these and other inititatives are implemented against a backdrop of problems posed by high food prices and escalating oil import costs. The crisis has underscored the imperative for governments to intervene and rescue failing, yet vital institutions. It is within the purview of these and other considerations, such as the imperative to save jobs, that Jacob Zuma, the South African President, announced a multi-billion Rand rescue package for selected companies in August, 2009. However, the majority of countries in Sub-Saharan Africa do not possess the requisite economic and financial muscle to afford rescue packages of such magnitude. Bibliogr. [ASC Leiden abstract]
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