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1. The Implications of Financial Development for Economic Growth in CEMAC

Author:
Jean-Cedric Kouam
Publication Date:
02-2023
Content Type:
Working Paper
Institution:
The Nkafu Policy Institute
Abstract:
In recent years, the Economic and Monetary Community of Central Africa (CEMAC) has experienced sluggish economic growth. This has fallen from 4.86% in 2010 to 0.04% in 2021 (World Bank, 2021), a drop of 4.82 percentage points in a decade. In addition to the high vulnerability of economies to exogenous shocks, several economists such as Asteriou & Spanos (2019) attribute the slowdown in growth to the underdevelopment of the financial sector. In CEMAC, the access of populations to mobile money or commercial bank deposit services has undoubtedly become insufficient to keep economies on a sustainable and inclusive growth path. This article reviews the evolution of financial development indicators in the CEMAC zone since 2013, and its impact on the performance of states in terms of economic growth. We use secondary data collected from the World Bank and the Bank of Central African States (BEAC), between 2013 and 2021. The analysis provides public authorities in CEMAC with arguments to promote financial development in the sub-region to boost economic growth, and better take advantage of the opportunities of the African Continental Free Trade Area (AfCFTA). The paper is structured in two sections. Section 1 presents the evolution of financial development indicators in CEMAC and section 2, the implications for economic growth and sustainable development.
Topic:
Development, Regional Cooperation, Finance, Economic Growth, and CEMAC (Central African Economic and Monetary Community)
Political Geography:
Africa and Central Africa

2. The African Continental Free Trade Area: A boon for the “Africa We Want” by 2063?

Author:
Jean-Cedric Kouam
Publication Date:
01-2023
Content Type:
Working Paper
Institution:
The Nkafu Policy Institute
Abstract:
One of the major objectives set by the African Union (AU) in Agenda 2063, is to achieve a “prosperous Africa, based on inclusive and sustainable growth”. To ensure the prosperity of the people, especially of women and youth, member states have, in the first ten years of the adoption of this agenda, taken a number of initiatives to strengthen economic integration of the continent. Among these initiatives, the implementation of the African Continental Free Trade Area (AfCFTA) in January 2021, occupies a prominent place. In launching the AfCFTA, and making it effective, the intention of the AU is to overcome the historical fragmentation and isolation of the various African economies. The challenge is to open them up to new global trade opportunities and improve transport and communication links across the continent. However, not all AU member countries have ratified this major project. The objective of this article is to take stock of the economic integration process that has been set in motion with the effective entry into force of the AfCFTA. It highlights, on the one hand, the main reasons that justify the reluctance of states that have not yet signed the AfCFTA agreement and, on the other hand, outlines the opportunities offered by AfCFTA for an Africa that wants to emerge as a strong, united and influential player and partner on the world stage.
Topic:
International Trade and Finance, Regional Cooperation, Free Trade, and African Union
Political Geography:
Africa

3. Roadmap to Zero-Carbon Electrification of Africa by 2050: The Green Energy Transition and the Role of the Natural Resource Sector (Minerals, Fossil Fuels, and Land)

Author:
Jeffrey D. Sachs, Perrine Toledano, and Martin Dietrich Brauch
Publication Date:
11-2022
Content Type:
Special Report
Institution:
Columbia Center on Sustainable Investment
Abstract:
All Africans—whether living in urban or rural areas—need access to affordable, clean, efficient, reliable, climateproof, and renewable energy for both residential and productive uses to achieve sustainable development objectives. This report sets out a comprehensive and actionable roadmap for Africa’s zero-carbon energy transformation by 2050, with most advances achieved by 2030. Natural resource management in minerals, fossil fuels, and land sits at the core of the strategy. The world is moving to decarbonization by 2050. This was the dominant geopolitical message of 2021, appearing, for example, in U.S. President Joe Biden’s online summit with world leaders in April 2021 and in the International Energy Agency’s (IEA) Report on Net Zero by 2050: A Roadmap for the Global Energy Sector, which stated that there was “no need for investment in new fossil fuel supply” in a pathway to net zero by 2050. Africa will be part of this global trend. The UNFCCC COP 26 evidenced the continued commitment to the world to this agenda, with the Global Methane Pledge and the Glasgow Leaders’ Declaration on Forest and Land Use, holding strong promises to respectively reduce methane by 2030 by 30% relatively to 2020 levels and end all deforestation by 2030 while strongly investing in reforestation. Prospective oil and gas projects in Africa will no longer be pursued as overseas markets and financing will shrink. The Russian war on Ukraine in 2022 has reinforced the determination of Europeans and Americans to wean off Russian gas in the short term and off all gas in the medium to long term, seeing in the energy transition an opportunity to meet parallel goals of decarbonization and energy independence. The IEA’s World Energy Outlook 2022 notes that, even under a relatively conservative “stated policies” scenario, global demand for coal, oil, and gas will peak or plateau in the coming years and subsequently fall. The report also notes that the energy crisis triggered by Russia’s invasion of Ukraine, though leading to a short-term increase in fossil fuel demand, has consolidated the global long-term shift toward renewable energy, energy efficiency, and electrification. In parallel to this reality, Africa’s vast renewable energy potential, in the solar and hydropower sectors especially, will engage increasingly bankable and highly attractive investments. In net terms, Africa has a huge amount to gain from a decisive buildup of renewable energy and the capacity to produce the minerals, hardware, and software of the new zero-carbon energy economy.
Topic:
Energy Policy, Regional Cooperation, Natural Resources, Carbon Emissions, and Decarbonization
Political Geography:
Africa

4. From a Fragmented Cooperation to an Integrated Approach – The Emergence of the Maghreb and Sahel Region and its Consequences for the European Union

Author:
Erzsébet N. Rózsa and Viktor Marsai
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
IEMed/EuroMeSCo
Abstract:
The history of the European Union (EU)’s foreign and security policy has been characterised by a continuous develop- ment and a process of adaptation to the realities on the ground and the experi- ences gained. This was manifest in the gradual change from bilateral relations to regional/multilateral structures, from trade through three-basket/three-pillar structured relations to the integrated ap- proach as introduced by the 2016 EU Global Strategy, and the institutionalisa- tion thereof. “Internal and external secu- rity are ever more intertwined: our secu- rity at home entails a parallel interest in peace in our neighbouring and surround- ing regions. It implies a broader interest in preventing conflict, promoting human security, addressing the root causes of instability and working towards a safer world” (EEAS, 2016). The present pa- per argues that, in order to be able to halt the increasingly complex threats fac- ing the EU and maintain its global actor status, the EU should introduce further – sectorial and regional – flexibility, in- cluding, among others, definitions of the widening geographical scope underlying its strategic vision. Therefore, this paper first asks how the EU and its member states should recon- sider their regional approach. How can the EU implement the existing frame- works and/or develop a more effective and adaptive strategy towards its south- ern neighbourhood fitting the new reali- ties on the ground better?
Topic:
Diplomacy, Regional Cooperation, and European Union
Political Geography:
Africa, Europe, and Sahel

5. Who’s Been Making “African Solutions”? Mapping Membership Patterns in the African Union’s Peace and Security Council

Author:
Nina Wilen and Paul D. Williams
Publication Date:
04-2022
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
This year marks the 20th anniversary since the establishment of the Peace and Security Council (PSC) of the African Union, the AU’s principal decision-making body for promoting peace, security, and stability in Africa. This brief examines the patterns and trends that have emerged during the past two decades of PSC elections and finds that African governments persistently elected autocrats and states experiencing violent conflict to serve on the PSC, thus undermining the AU’s principles. This pattern risks skewing PSC decision-making in unhelpful ways, undermining effective crisis management, and making it difficult to uphold the AU’s stated norms and principles.
Topic:
Security, Regional Cooperation, Peace, and Africa Union
Political Geography:
Africa

6. France in the Eastern Mediterranean and the MENA region’s geopolitical competition: French grandeur or European sovereignty?

Author:
Toni Alaranta
Publication Date:
04-2022
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
The global rivalry between the US and China, as well as geopolitical competition and instability in the EU’s southern neighbourhood, are perceived by France as urgent matters requiring stronger EU foreign policy, conceptualized as European sovereignty. The French foreign policy elite are still largely committed to the idea of France’s exceptional role in the world, and to the extent that the EU as a whole fails to live up to the tasks presumed by France, continue their attempts at forging coalitions of the willing. France has in recent years built a web of strategic partnerships, for example with Greece, the Republic of Cyprus, the United Arab Emirates, and Egypt, through which it aims to govern the instability in the EU’s southern neighbourhood. The aim is also to deter regional adversaries such as Turkey, a strategy that needs to be re-evaluated due to the Russian invasion of Ukraine. France often equates its national interests with those of the EU. While this can be seen to enhance European sovereignty, it also risks increasing the perception that the EU would be a participant in various Middle Eastern conflicts. This undermines the EU’s ability to function as an objective broker and anchor of norms.
Topic:
Regional Cooperation, Hegemony, Foreign Interference, and Competition
Political Geography:
Africa, Europe, Middle East, France, North Africa, Mediterranean, and MENA

7. Arab Nationalism, Regionalism, and Regional Integration

Author:
Ibrahim Awad
Publication Date:
01-2022
Content Type:
Journal Article
Journal:
Cairo Review of Global Affairs
Institution:
School of Global Affairs and Public Policy, American University in Cairo
Abstract:
In the third decade of the 21st century, regionalism and regional integration in the Arab region stood in contrast with experiences in other regions of the world. Rather than facilitate integration, Arab nationalism seems to have in fact obstructed it
Topic:
Nationalism, Regional Cooperation, Conflict, and Regionalism
Political Geography:
Africa, Middle East, and Gulf Nations

8. Analysis of Cameroon – Nigeria Trade and Prospects for the African Continental Free Trade Area

Author:
Henri Kouam and Vera Kum
Publication Date:
01-2022
Content Type:
Working Paper
Institution:
The Nkafu Policy Institute
Abstract:
Free trade between Cameroon and Nigeria is about reducing barriers to cross-border trade between the two countries by allowing traders on both sides of the spectrum to explore a larger market and private sector producers to expand their business. This policy brief examines the nature of Cameroon and Nigeria’s trade whilst illustrating the benefits of free trade on living standards, employment, and income inequality. It recommends that Cameroon and Nigeria cooperate on trade facilitation measures to increase the benefits of the African Continental Free Trade Area.
Topic:
Economics, International Trade and Finance, Regional Cooperation, Bilateral Relations, and Free Trade
Political Geography:
Africa, Nigeria, and Cameroon

9. Trade Liberalization and Economic Development: Lessons for Africa

Author:
Henri Kouam and Fabien Sundjo
Publication Date:
01-2022
Content Type:
Working Paper
Institution:
The Nkafu Policy Institute
Abstract:
What happens when countries lower their tariff & import duties and open up their economy to other countries? This policy brief looks at the impact of trade liberalization on economic development, drawing from broad-based international literature. It shows how free trade can positively impact economic development, boost incomes, and improve standards of living. The African Continental Free Trade Area will stimulate intra-regional trade and help countries like Cameroon address acute development challenges. However, the expected positive results will depend on its successful implementation.
Topic:
Development, Economics, Regional Cooperation, Trade Liberalization, Trade, Economic Development, and Liberalism
Political Geography:
Africa

10. The African-France Summit and an Overview of its Recommendations Since 1973

Author:
Fabien Sundjo
Publication Date:
01-2022
Content Type:
Working Paper
Institution:
The Nkafu Policy Institute
Abstract:
France’s earliest profit-making involvement in Africa in the business of buying and transporting slaves started in the 17th century when the local Indian population proved unable to work in plantations in America compared to black Africans. France’s interest in Africa reached its zenith in the 19th and early 20th centuries when France acquired a gigantic African empire. Though several reasons could explain the scramble for Africa by France, we present herein the three most important. First, the defeat of France in the 1870 Prussian war in which she lost influence and a reduction in her international ego. Second, the anxiety to implement Colbert’s mercantilist philosophy emphasized that any rising industrial power required to have both the source of raw materials and market extension under her control. Third and finally, as Europeans scrambled for Africa, France feared their traditional enemies could annex a remarkable share of the territory. Hence, from the outset, it was not the financial gains that many thoughts motivated France’s involvement in Africa but politics and national ego. It will only be later that France saw Africa as a cheap source of military manpower that could help balance demographic stagnation in France. This perception will later be reinforced by her experience in the two World wars. In this light, Iliffe (2007) holds that French colonial policy was characterized by the exploitation of rich resources from Africa. In the midst of all these benefits from colonization in Africa, Charles de Gaulle‘s decision to retain influence in Africa after decolonization in 1960 was driven by the need to persist with these benefits under neo-colonization. According to Abdurrahim (2014), in Africa, France uses a realist foreign policy in which states shape their foreign policies based on their national interests. To facilitate the implementation of this realist foreign policy, France will design the Franco-African summit that will cement France’s influence in her former colonies to date. Were France’s policies put in place through the Franco-African summits shaped to benefit France solely? This paper aims to present the Franco-African Summit and carry out a stocktake of France’s commitments through recommendations from the Franco-African Summit.
Topic:
Security, Foreign Policy, Diplomacy, International Cooperation, and Regional Cooperation
Political Geography:
Africa, Europe, and France