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The Role of Knowledge Economy in African Business

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Abstract

This paper assesses the role of knowledge economy (KE) in African business in 53 countries for the period 1996–2010. The four KE components of the World Bank are employed, notably: education, innovation, economic incentives and institutional regime, and information and communication technology. The business indicators are classified into starting, doing, and ending business. Principal component analysis and panel instrumental variable fixed effect approaches are employed as empirical strategies. The findings which are broadly consistent with intuition and the predictions of economic theory suggest that KE policies will substantially boost the starting and doing of business in Africa. This is relevant in fighting unemployment and improving African competitiveness in global value chains. Policy implications for the relevance of each specific KE dimension in African business are discussed with particular emphasis on the theoretical underpinnings of the study. The investigation is original in its contribution at the same time to the scarce literature on African KE and the growing challenges of improving the business climate of the continent by means of KE.

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Notes

  1. Ghana is driving to become West Africa’s high-tech hub with its ambitious 10 billion USD Information Technology university in Hope City, launched by President John Mahama on the 4th of March 2013. In January 2013, Kenya also unveiled plans to build an “Africa’s Silicon Savannah” within 20 years at the cost of 14.5 billion USD. Accordingly, Kenya’s Konza Technology City is supposed to create more than 200,000 jobs by 2030. Rwanda and Paul Kagame’s ambitions of creating a silicon valley in the small country cannot go unmentioned because, in the 2012 report released by the International Telecommunication Union (ITU), Rwanda, Bahrain, Brazil, Ghana, Kenya, and Saudi Arabia are the developing nations with strong dynamic information and communication technology (ICT) markets because they are catching up quickly to bridge the “digital divide” (ITU 2012).

  2. In comparison to technology-based economies, agricultural-based economies have fewer added values. This is essentially because cocoa and coffee cash crops have not changed for generations (with prices relatively staying the same after controlling for inflation). This is not the case with ICTs and patented innovative services which can create billionaires overnight.

  3. For instance, “After the Korean war, South Korea was one of the world’s poorest countries with only $64 per capita income. Economically, in the 1960s it lagged behind the Democratic Republic of the Congo (DRC)—currently holding elections marred by violence. Since then the country’s fortunes have diverged spectacularly. South Korea now belongs to the rich man’s club, the OECD development assistance committee (DAC). The DRC has gone backwards since independence and, out of 187 countries, ranked bottom in the 2011 Human Development Index” (Tran 2011).

  4. N being the number of cross sections and T the number of years per cross section.

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  1. Faculty of Applied Economics, University of Antwerp, Stadscampus Prinsstraat 13, 2000, Antwerp, Belgium

    Vanessa Simen Tchamyou

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Appendices

Appendix 1

Table 9 Correlation analysis for education, ICT, and innovation
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Appendix 2

Table 10 Correlation analysis for Instireg (institutional regime)
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Tchamyou, V.S. The Role of Knowledge Economy in African Business. J Knowl Econ 8, 1189–1228 (2017). https://doi.org/10.1007/s13132-016-0417-1

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