Abstract
The African Financial Architecture holds the potential of enabling the countries of the continent to exercise their right to development. From helping to overcome a history of lop-sided dependence to providing a framework and primary resources for African countries to better master their development priorities, the proposed Architecture could become an important game changer in the African regional integration project, and the continent’s relationship with the international order. However, to fulfil its promise, and especially in order not to simply become a glorified clone of international financial institutions, it is imperative that the politics of a continental rebirth that underpinned the initial framing and adoption of the Architecture is urgently rediscovered and fully embraced. For, in the end, the quest to build an African Financial Architecture is primarily about reshuffling relations of power between Africa and the contemporary global economic order in order to enhance the prospects of continental socio-economic transformation.
Similar content being viewed by others
References
Abegunrin, Olayiwola. 2009. From Organization of African Unity to African Union, in Africa in Global Politics in the Twenty-First Century. New York: Palgrave Macmillan.
African Union. 2017. Pan-African Financial Institutions. Addis Ababa: African Union - Department of Economic Affairs.
Asiwaju, Anthony. 1985. Partitioned Africans: Ethnic Relations Across Africa’s International Boundaries. London: Palgrave Macmillan.
Bradlow, Daniel, and William N. Kring. 2019. Why the African Monetary Fund is a Good Idea and What can be Done to Get it Going, The Conversation, 5 July.
Cervenka, Zdenek. 1976. Africa and the New International Economic Order, Law and Politics in Africa, Asia, and Latin America, 9(2): 187-199.
Dagah, Hadiza Gagara, Daniel Bradlow, and William N. Kring. 2019. Jump-Starting the African Monetary Fund, GEIC Policy Brief 008, 07.
Engelbert, Pierre, and Kevin C. Dunn. 2013. Inside African Politics. Boulder, Co.: Lynne Reinner.
Erasmus, Gerhard. 2021. Economic Integration is a Challenge: Can Variable Geometry Help?, TRALAC, 3 June.
Gadha, Maha Ben, Fadhel Kaboub, Kai Koddenbrock, Ines Mahmoud, and Ndongo Samba Sylla. 2022. Economic and Montary Sovereignty in 21st Century Africa. London: Pluto Press.
Halliday, Ewan. 2021. The African Monetary Fund: Needed More than Ever, The McGill Global Review, 8 March.
Ikome, Francis. 2004. From the Lagos Plan of Action (LPA) to the New Partnership for Africa’s Development (NEPAD): The Political Economy of African Regional Initiatives, PhD Thesis, University of the Witswatersrand.
Mkandawire, Thandika, and Adebayo Olukoshi (eds.). 1995. The Politics of Structural Adjustment in Africa: Between Liberalisation and Oppression. Dakar: CODESRIA Books.
Mkandawire, Thandika, and Charles Soludo. 1998. Our Continent, Our Future. Dakar: CODESRIA Books.
Morrison, K.C. 1984. The New International Economic Order and Africa. Africa Development 9(1): 5–3, January—March.
Nkrumah, Kwame. 1970. Africa Must Unite. New York: International Publishers.
Oloruntoba, Samuel O., and Mammo Muchie (eds.). 2019., Innovation, Regional Integration, and Development in Africa. New York: Springer.
Olukoshi, Adebayo. 1996. Structural Adjustment and Socio-Economic Change in Sub-Saharan Africa: Some Conceptual, Methodological and Research Issues, Nordiska Afrikainstitutet Research Report No. 102, Uppsala: Nordic Africa Institute: 101.
Pigeaud, Fanny, and Ndongo Samba Sylla. 2020. Africa’s Last Colonial Currency: The CFA Franc Story. London: Pluto Press.
Rodney, Walter. 1972. How Europe Underdeveloped Africa. London: Bogle L’Ouverture Publications.
Sawyer, Amos, Afeikhena Jerome, and Ejeviome Eloho Otobo. 2015. African Development in the 21st Century: Adebayo Adedeji’s Theories and Contributions. Addis Ababa: United Nations Economic Commission for Africa.
The South Commission. 1990. The Challenge of the South: The Report of the South Commission. Oxford: Oxford University Press.
Trivedi, Sonu. 2009. African Unity: The Move Forward, World Affairs: The Journal of International Issues, 13(1): 12-30.
UNECA. 1980. Lagos Plan of Action for the Economic Development of Africa, 1980–2000. Addis Ababa: UNECA.
Author information
Authors and Affiliations
Corresponding author
Additional information
Publisher's Note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Olukoshi, A. In Quest of the Right to Development: Prospects for an African Financial Architecture. Development 65, 153–160 (2022). https://doi.org/10.1057/s41301-022-00353-0
Published:
Issue Date:
DOI: https://doi.org/10.1057/s41301-022-00353-0