By Todd J. Moss
Sub-Saharan Africa, the poorest and least built-in quarter of the realm, now has fifteen inventory markets. event Capitalism examines the industrial and political forces at the back of this development and discusses the capability results of monetary industry integration for constructing nations. utilizing a political economic system technique, it reveals that monetary globalization provides a powerful problem for African policymakers, yet is usually a chance with a number of advantages.
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Additional info for Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa
Funds stashed under a mattress or in an empty concrete building are simply resources not being used for other potentially more productive economic activity. These concerns over political interference in the formal financial system are no doubt valid and in many cases wholly understandable, yet low levels of domestic participation on the GSE are also likely related to the normal investment decision-making assessment of risk-versusreturn. Despite the ongoing public education campaign about the virtues of investing in the stock exchange (and considerable historical comparative evidence of equities providing better average returns than other investment vehicles in Europe and North America) returns in Ghana have been relatively poor.
The campaign also encouraged people into the habit of hiding their wealth in informal arrangements and bred a mistrust of formal financial institutions. Ultimately, it undermined public confidence in the financial sector as a whole and contributed to significant capital flight – which also added to a precipitous decline in the value of the cedi and a vicious circle of further capital flight and depreciation. It appears that mistrust of local financial institutions has been stubbornly resilient, and has been linked to the continuing levels of antipathy between the local business community and Rawlings’s National Democratic Congress (NDC).
This discrepancy also appears to have less to do with the success or failure of the government and/or market in educating the public than with the macroeconomic conditions that would allow the equity market to thrive and to become attractive, especially vis-à-vis other investment instruments. Since the major competitors for savings with the equity market are banks and the local government debt market, monetary policy overhang (allowing tight monetary policy to compensate for loose fiscal policy) discourages local equity market growth via artificially high interest rates.