Indigenous African Institutions And Economic Development

George Ayittey’s Indigenous African Institutions presents a detailed and convincing picture of pre-colonial and post-colonial Africa - its cultures, traditions, and indigenous institutions, including participatory democracy.

In the attempt to establish institutions which foster economic development in the third world, economists often look to the West as a model. This indeed has been the case in Ghana, West Africa. In Ghana s urban centers, the large buildings which house Barclay s Bank, Standard Charter Bank, and Ghana Commercial Bank loom over the traditional market stalls and street traders. This sight might be heartening to those who recognize third world entrepreneurs limited access to capital as the primary constraint in advancing economic development. Indeed, these institutions play an important role in financing large scale industry and high volume import and export exchange. But this is only a small proportion of market activity in Ghana, The majority of business people never enter the doors of such institutions.

African social development is often explained from outsider perspectives that are mainly European and Euro-American, leaving African indigenous discourses and ways of knowing and doing absent from discussions and debates on knowledge and development. This book is intended to present Africanist indigenous voices in current debates on economic, educational, political and social development in Africa. The authors and contributors to the volume present bold and timely ideas and scholarship for defining Africa through its challenges, possible policy formations, planning and implementation at the local, regional, and national levels. The book also reveals insightful examinations of the hype, the myths and the realities of many topics of concern with respect to dominant development discourses, and challenges the misconceptions and misrepresentations of indigenous perspectives on knowledge productions and overall social well-being or lack thereof. The volume brings together researchers who are concerned with comparative education, international development, and African development, research and practice in particular. Policy makers, institutional planners, education specialists, governmental and non-governmental managers and the wider public should all benefit from the contents and analyses of this book.

In order for economic specialization to develop, it is important that well-defined property rights are established and that suspicion and fear of fraud do not pervade transactions. Such conditions cannot be created ex abrubto, but must somehow evolve. What needs to develop is not only suitable practices and rules themselves, but also the public agencies and moral environment without which generalized trust is difficult to establish. The cultural endowment of societies as they have developed over their particular histories is bound to play a major role in this regard, and the matter of cultual endowment is one of the central themes of this book. On the other hand, division of labour does not only require well-enforced property rights and trust in economic dealings. It is also critically conditioned by the thickness of economic space, itself dependent on population density. This provides the second major theme of the volume: market development, including the development of private property rights is not possible, or will remain very incomplete, if populations are thinly spread over large areas of land. The book makes special reference to sub-Saharan Africa.

In the course of Africa's economic development several types of money and multiple financial systems have evolved. This book examines the opportunities created by such diversity. The book analyses the supply of commodity money and attempts to apply conventional theories of demand to this type of money; examines the relative efficiency of commodity money and flat money; explains the impact of commodity money on the economy; and it analyses theories of interest and dividend payments on savings and loans in indigenous money and capital markets. The book pays particular attention to the organisation and functioning of the institutions involved in the informal commodity and financial money, capital and insurance markets, as well as the constraints that they face. It also points out the limitations of key non-indigenous financial institutions and compares and contrasts them with indigenous financial entities. In light of those limitations, the inability of the non-indigenous financial system to fully articulate the the indigenous African financial culture and adequately address the financial needs and interests of its clients, the book proposes an alternative Pan African financial system that is pro-poor. The book draws on various studies on the subject matter of money and credit based on research done in Western, Eastern, Central and Southern Africa.

"Universities and economic development in Africa presents the synthesisesand key findings of eight African countries and universities. The analysis and discussions presented in the book draw the following three main conclusions: 1. There is a lack of clarity and agreement (pact) about a development model and the role of higher education in development, at both national and institutional levels. There is, however, an increasing awareness, particularly at government level, of the importance of universities in the global context of the knowledge economy. 2. Research production at the eight African universities is not strong enough to enable them to build on their traditional undergraduate teaching roles and make a sustained contribution to development via new knowledge production. A number of universities have manageable student-staff ratios and adequately qualifi ed staff, but inadequate funds for staff to engage in research. In addition, the incentive regimes do not support knowledge production. 3. In none of the countries in the sample is there a coordinated effort between government, external stakeholders and the university to systematically strengthen the contribution that the university can make to development. While at each of the universities there are exemplary development projects that connect strongly to external stakeholders and strengthen the academic core, the challenge is how to increase the number of these projects. The project on which this report is based forms part of a larger study on Higher Education and Economic Development in Africa, undertaken by the Higher Education Research and Advocacy Network in Africa (HERANA). HERANA is coordinated by the Centre for Higher Education Transformation in South Africa"--Back cover.

A significant contribution to the debate on poverty alleviation in Africa, Professor Mbaku offers practical policies for economic growth. He argues that the most important contributor to poverty and deprivation in Africa is the absense of institutional structures that enhance indigenous entrepreneurship and wealth creation. He explains that these are so vital that living standards will continue to deteriorate unless these building blocks are put in place.

The continent of Africa is richly endowed with diverse cultures, a body of indigenous knowledge and technologies. These bodies of knowledge and technologies that are indeed embodied in the diverse African cultures are as old as humankind. From time immemorial, they have been used to solve socio-economic, political, health, and environmental problems, and to respond to the development needs of Africans. Yet with the advent of colonialism and Western scientism, these African cultures, knowledges, and technologies have been despised and relegated to the periphery, to the detriment of the self-reliant development of Africans. It is out of this observation and realisation that this book was born. The book is an exploration of the practical problems resulting from Africa's encounter with Euro-colonialism, a reflection of the nexus between indigenous knowledge, culture, and development, and indeed a call for the revival and reinstitution of indigenous knowledge, not as a challenge to Western science, but a complementary form of knowledge necessary to steer and promote sustainable development in Africa and beyond. This is a valuable book for policy makers, institutional planners, practitioners and students of social anthropology, education, political and social ecology, and development, African and heritage studies.

This book argues that international aid programmes are unsuccessful for indigenous African institutions because it is based on mainstream economic theory which is fundamentally acultural which does not understand their cultural context.

This book examines engagements with financial services in contexts of conflict. Using Liberia and the Democratic Republic of the Congo as case studies, it explores informal financial and business strategies and how these shift during conflict. Through a combination of regression analyses and panel data modeling with fixed effects, the project research indicates that conflict has a stronger effect on the nature of demand for credit and savings services than it has on the actual performance of financial institutions. In examining these patterns, the importance of networks and family becomes increasingly important—not just in the ways they are important to us as individuals, but as important determinants of post-war outcomes.