Financing Sustainable Development in Africa: Taking Stock, and Looking Forward

Forthcoming: Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa (Chapter 9)

16 Pages Posted: 3 Dec 2020

See all articles by Oluwabunmi Adejumo

Oluwabunmi Adejumo

Obafemi Awolowo University

Uchenna Efobi

Covenant University

Simplice Asongu

African Governance and Development Institute

Date Written: October 11, 2020

Abstract

Financing sustainable development in Africa requires financing options that is best for development in the region without further escalating other societal problems. This chapter takes stock of financing options previously advocated for financing development in the African region such as development assistance and foreign investment. By considering its implication on development outcomes like poverty, inequality, and aggregate human development, some drawbacks still exist. Therefore, the chapter identifies, reconfigures and reinvents other financial flows such as mutual support networks, agricultural cooperatives, crowd funding, fiscal responsibility, other forms of informal banking, and remittances, among others to African countries for efficient provision of structures that can aid in the sustenance of development. We conclude that these alternative means of financing development could be a viable policy option to bridge income and development gaps; thereby mainstreaming the process for financial inclusion and sustainability.

Keywords: Finance; Sustainable Development

JEL Classification: G20; I00; O10

Suggested Citation

Adejumo, Oluwabunmi and Efobi, Uchenna and Asongu, Simplice, Financing Sustainable Development in Africa: Taking Stock, and Looking Forward (October 11, 2020). Forthcoming: Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa (Chapter 9), Available at SSRN: https://ssrn.com/abstract=3709237 or http://dx.doi.org/10.2139/ssrn.3709237

Oluwabunmi Adejumo

Obafemi Awolowo University ( email )

P.M.B 13
Ile Ife
Ile-Ife, Osun 230001
Nigeria
+2347039075914 (Phone)
20005 (Fax)

Uchenna Efobi

Covenant University ( email )

P.M.B. 1023
Km 10 Idiroko road
Ota, Ogun State 234
Nigeria

Simplice Asongu (Contact Author)

African Governance and Development Institute ( email )

P.O. Box 8413
Yaoundé, 8413
Cameroon

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