Dr John Kuada, an Associate Professor of Management at Aalborg University, Denmark, is the editor African of Journal of Business and Economic Research, an international, peer-reviewed academic journal.
Africa has been characterized as the world's poorest continent - a continent plagued with diseases, conflicts, corruption, weak governance and debt. More than that, it is the continent worst hit by the HIV/AIDS epidemic - a disease that has contributed substantially to the erosion of the already limited wealth of several African nations. Understandably, the sheer scale of the problems creates a socialized hopelessness through out the continent, thereby producing a spiral of negative energy channeled into internal strife of different degrees of magnitude in different parts of the continent. Some economic commentators have observed that most African nations need to grow at an annual rate above 7 percent annually for several decades to reverse the downward poverty spiral. The papers included in this issue of AJBER focus attention on some of theses problems and offer some suggestions for addressing them.
The general premise of the studies is that economic growth strategy is the most cost-effective way of dealing with poverty. This statement is true for two fundamental reasons: first, growth lifts many of the poor out of poverty; second, it generates the government revenues necessary for anti-poverty measures (Fafchamps et al, 2001). Where resources are scarce, every entity and individual is expected to contribute to the development process. It is this collective endeavour that would accelerate the tempo of an African nation’s development. Thus, African businesses must be guided by keen awareness of their social responsibilities to all stakeholders in their societies if they are to serve their societies optimally.
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Date:Feb 08, 2013
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