2. Economic Reform in Africa

Author: Dr Adeoye Akinola
Book Title: The Palgrave Handbook of African Political Economy (Samuel Ojo Oloruntoba and Toyin Falola (eds.)
Publisher and Date: Palgrave Macmillan, 2020.

Africa is very rich in mineral resources, which is expected to translate to national wealth and human capacity development. However, nation-states have been unable to harness the natural resources toward the development of African states and societies. Abundance of oil resources, for instance, have been adjudged a curse (Ross 1999). One of the reasons for this contradiction is the imposition of a liberal economic blueprint by global capitalist powers (Akinola 2018a). Upon the attainment of political independence from Western colonial powers, Africa continues to groan under the weight of globalization. Globalization generates a free market economy, which has become the guise for the spread of Anglo-American capitalism throughout the world (Dunklin 2005; Held and McGrew 2000). Despite the promise of democratization and economic buoyancy, upon the implementation of economic reforms in Africa, socio-economic and political turmoil prevail.