An appraisal of the role of good institutions in stimulating economic growth and development in sub-Saharan Africa

Access full-text article here

Tags:

Peer-Reviewed Research
  • SDG 16
  • SDG 8
  • Abstract:

    Abstract: Good institutions were pivotal to the emergence of capitalism and hence the creation of wealth, prosperity and development in the world. In this paper, the authors argue that one of the reasons for the poverty and underdevelopment in sub- Saharan Africa is the weak institutional framework which exists in these countries. The laws, rules and regulations governing businesses and entrepreneurial activities are either too weak or ineffective, and could be riding roughshod over any political interest or individual. The paper presents evidence from the literature to amplify the view that strong and effective institutions are fundamental to reinvigorating economic growth and development. Finally, the authors suggest that a complete overhaul and rejuvenation of the institutional framework which exists in the countries of sub-Saharan Africa is crucial to the creation of jobs, and the alleviation of poverty and underdevelopment.