Emmanuel Cleeve and Tidings Ndhlovu
Outlines the background and aims of the Millennium Development Goals. Presents a brief introduction to the articles in this special issue.
Abstract
Outlines the background and aims of the Millennium Development Goals. Presents a brief introduction to the articles in this special issue.
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Allam Ahmed and Emmanuel Cleeve
This paper reviews, assesses and evaluates the performance of sub‐Saharan African countries towards achieving the international development goals and targets set by the United…
Abstract
This paper reviews, assesses and evaluates the performance of sub‐Saharan African countries towards achieving the international development goals and targets set by the United Nations, UN Millennium Development Goals and the Agenda for Action of the 2nd Tokyo International Conference on African Development. Africa's recent economic performance is a reflection of the policies it has pursued since the 1960s. It summarises the progress of sub‐Saharan African countries with a view to providing a clearer understanding of the constraints they face in reaching the goals, with a special focus on the economic, poverty, education, and health targets. The paper also outlines the urgency for action at the national, regional, and international levels. It also demonstrates that the economic and social recovery that Africa experienced in the late 1990s cannot be sustained unless there is progress towards the goals. Africa's efforts alone cannot achieve the goals, it would require global support and understanding of the special needs of the region.
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Peter Ajonghakoh Foabeh and Vesarach Aumeboonsuke
This study aims to investigate the effects of three significant events – the 1994 CFA currency depreciation, the 2008 Global Financial Crisis (GFC), and instances of political…
Abstract
Purpose
This study aims to investigate the effects of three significant events – the 1994 CFA currency depreciation, the 2008 Global Financial Crisis (GFC), and instances of political coups – on the relationships between FDI inflow, economic growth, and governance within the Central African Economic and Monetary Community (CEMAC) countries. It seeks to evaluate how these events influence the linkages between FDI, economic growth, and governance, to aid the understanding of responses to external shocks and internal political disruptions.
Design/methodology/approach
The study employs a panel Vector Autoregression (VAR) analysis using data from 1990 to 2019 by exploring the dynamic relationships among FDI inflow, economic growth, and aggregate governance indicators within the CEMAC sub-region. The analysis was conducted utilizing the EViews software package, facilitating robust examination through the introduction of the Bayesian VAR to facilitate the interpretation of parameters and the data.
Findings
The results indicate that, contrary to initial hypotheses, growth and governance do not emerge as determinants for attracting FDI within the CEMAC sub-region. However, governance stands out as a crucial determining factor for economic growth. Furthermore, the study suggests that the 1994 CFA currency depreciation, the 2008 GFC, and instances of political coups did not significantly impact FDI, growth, and governance within these countries. Despite the potential vulnerability of the CEMAC countries to external shocks, the effects of these events on the dynamics of FDI, economic growth, and governance were not apparent. Notably, political instability, as evidenced by coups, emerges as a significant factor shaping the interactions between FDI, growth, and governance in CEMAC countries.
Research limitations/implications
These findings have significant implications for policymakers and stakeholders in the CEMAC countries. Understanding that governance has a central role in driving economic growth places great importance of prioritizing governance reforms to foster sustainable development. Moreover, the identification of political instability as a key determinant affecting the relationships between FDI, growth, and governance emphasizes the need for political stability and effective governance structures to attract and sustain FDI inflows as well as foster economic growth.
Originality/value
This study contributes to the existing literature by offering insights into the linkages between FDI, economic growth, governance, and external shocks within the CEMAC sub-region. By examining the specific impacts of the 1994 CFA currency depreciation, the 2008 GFC, and political coups on these dynamics, the study provides original perspectives on the resilience of CEMAC countries to external and internal disruptions.