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1. Hard Times: the World Economic Crisis and Emerging Capacity Challenges for Africa

Author:
George Kararach
Publication Date:
01-2011
Content Type:
Working Paper
Institution:
The African Capacity Building Foundation (ACBF)
Abstract:
The world economy has changed significantly in recent times. With greater financial globalisation, there emerged a mistaken perception that 'fathomless' capital was a pattern of this 'new world'. It soon became apparent that the recent financial crisis was a result of fragility in the financial system – in turn a product of limited/lack of transparency in the system. There has been limited understanding as to how the financial markets work – not only in the developing world where skills are in short supply – but more importantly by officials in the United States of America (US), European Union (EU) and Japan despite the fact that these blocks form 80% of global gross domestic product (GDP). The paper sheds light on the implications for capacity building/development in Africa given the realities of the New Economic World order – especially new finance regulation issues, new international competition, crisis exit strategies and future technologies. The paper also draws possible roles that can be played by capacity building institutions such as the African Capacity Building Foundation (ACBF) by highlighting four major areas: (a) how the Foundation sources new ideas for capacity development; (b) what approaches to use for resource mobilization and partnerships; (c)howbest to organize the work of the Foundation in knowledge sharing; and (d) what aspects need to shift in the operational programs of the Foundation to handle emerging issues. The paper concludes that Africa needs to develop capacity to respond to shocks effectively.
Topic:
Globalization, Reform, Partnerships, Crisis Management, Capacity, Economic Development, Socioeconomics, Economic Crisis, and Fragility
Political Geography:
Africa

2. Currency Reforms in Zimbabwe: an Analysis of Possible Currency Regimes

Author:
George Kararach, Phineas Kadenge, and Gibson Guvheya
Publication Date:
01-2010
Content Type:
Working Paper
Institution:
The African Capacity Building Foundation (ACBF)
Abstract:
The Government of Zimbabwe (GoZ) adopted a multiple currencies regime (MCR) in February 2009 and demonetized the Zimbabwean dollar in July 2009 after almost a decade of economic crisis. The MCR strategy resulted in stabilizing the Zimbabwean economy; however, there are remaining concerns that need to be addressed. The purpose of this paper is to explore various options of currency regimes that could be adopted in the short and medium term in order to consolidate Economic stabilization and recovery in Zimbabwe. The paper proposes that the optimal choice of a particular currency regime be based on a framework that takes into account the following: (a) the advantages and disadvantages of a particular regime, (b) the need for correct timing and sequencing of policy tools and reform actions, (c) the prior capacity conditions in the country, and (d) the political commitment to undertake the necessary reforms. It is imperative to note that these reforms are no quick fixes for designing economic stabilization and recovery programs needed in Zimbabwe. The Zimbabwean authorities and stakeholders need to fulfill the aforesaid preconditions for successful currency reform, before collectively selecting from among the various options.
Topic:
Monetary Policy, Reform, Central Bank, Fiscal Policy, Currency, and Safety Net
Political Geography:
Africa and Zimbabwe