Current trends, approaches and strategies for private-sector development in Africa : sythesis of subregional case studies

Abstract

Private sector growth should be an essential component of the economic reform strategies and programs of African States. These being way behind the industrialized countries and even some developing countries, it is imperative for their integration into the competitive trade and financial milieu to embark on investment in human resources and capacity-building in industrial production; this would place them in a better position in the context of globalization. A number of African countries attached a great deal of importance to investment promotion in the period after independence, favoring liberal economic policies and private enterprise. That policy orientation enabled them to achieve commendable results over a considerable period. This paper focuses on the appropriate measures for private-sector promotion, and analyses the impediments to private-sector growth, with the objective of proposing practical approaches towards addressing the constraints' identified, as well as a program of action for private-sector promotion and development. Finally, various modalities for the implementation of a program of action are examined.