New Regionalism in Sub-Saharan Africa: A Means to Attract Foreign Direct Investment (FDI) and to Legitimate Democratic Governments | Chapter 11 | Current Research in Education and Social Studies Vol. 2
The regional integration process in
Africa is increasingly becoming an indispensable instrument in the promotion of
domestic and foreign direct investment (FDI) and as a means for the
legitimization of the fragile nascent democratic government, which are slowly
and painfully being put in place all over the continent. The achievement of
these policy objectives for sub-Saharan African countries requires the
identification and formation of clear priorities and strategies whose
implementation should be feasible, effective and supported by strong political will,
if the regional integration failures of the past fifty years of African
independence have to be avoided. The key strategies and priorities seem to be
based on a belief that the harmonization of regional policies and
infrastructures projects of all kinds constitutes the very foundation of a
regional integration. According to this belief, these projects are considered
to be instrumental and conducive to increased market openness and capital
inflows, which in turn could act to stimulate trade among states, the movement
of workers and the intermingling of people and cultures. As a result, peace and
harmony is maintained within the integrated region. It therefore suggest that
the effective implementation of these strategies and priorities, combined with
domestic policy reforms would necessarily attract increased regional and
foreign direct investment given the continent’s rich endowment in natural and
human resources. The study examines this basic tenet of regional integration
process in Africa and argues that the African political leaders most threatened
by integration will be very unwilling to face a successful integration outcome.
Hence, it will be up to the international community to support the reforms
efforts of these leaders and to help overcome their resistance. Furthermore,
the author suggests that the conciliation between the suppression of trade
obstacles (economic reforms) and democratization in these countries (political
reforms) is the most significant action which bilateral and multilateral financial
backers can do to support the recovery of the continent.
Author(s) Details
Elie Ngongang
College
of Humanities and Social Sciences, Fayetteville State University, 1200
Murchison Road, 28301 NC North Carolina, USA.
Faculty
of Economics and Management, University of Yaoundé II, P. O. Box 12557, Yaoundé
Cameroon.
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