期刊名称：The Journal of Sustainable Development in Africa (JSDA)
电子版ISSN：1520-5509
出版年度：2010
卷号：12
期号：2
出版社：Institute of Sustainable Development in Africa
摘要：The paper focuses on the responses by African governments to the financial crisis and lessons. The
authors blame the failure of the neo-liberal (laissez faire) policies of the multilateral institutions (World
Bank and IMF) and excessive government regulation for the crisis. We also noted that the crisis is taking
its toll on the African continent, as many countries continue to experience a decline in their exports and
exports revenues, limited inflow of international capital and remittances, widening current account and
budget deficits, and companies reporting huge losses and cutting jobs, to mention just few. Although the
individual country has taken measures it deemed fit to reduce the impact of the crisis on its economy and
people, a lot still has to be done. Thus, we propose, among other things: the government should regulate
financial markets in order to prevent or check market failure; governments should employ fiscal
stimulus that restores banks capacity to lend in order to enhance production and restore the waning
confidence in the banking sector, as well as to invest in public works in order to create employment
opportunities for their teeming population; monetary authorities should reduce the cash reserve and
liquidity ratios in order to increase liquidity within the systems; the government officials and political
office holders should avoid corrupt practices and embrace transparency and accountability in
government transactions; African countries should increase trade among themselves and other
developing countries in other parts of the world in order to increase trade volume and export revenue;
Africa should play an important role in decision-making of the World Bank and IMF, since the decision
taken by these institutions have lasting impact on their people; and the development and regional banks should increase their investment in infrastructure in order to create an enabling environment and attract
foreign investment to the continent.
关键词：Global Economic and financial crisis, Africa Responses, and lessons learnt.
