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Preface

Preface Downloaded from https://academic.oup.com/jae/article/30/Supplement_1/i1/6395210 by DeepDyve user on 14 July 2022 Journal of African Economies, 2021, Vol. 30, AERC Supplement 1, i–1i2 doi: 10.1093/jae/ejab025 The African Economic Research Consortium (AERC) is a capacity building network in Africa through research, graduate training and policy outreach programmes. AERC’s mis- sion is to strengthen local capacity for conducting independent, rigorous inquiry into the problems facing economies in sub-Saharan Africa, and to promote evidence-based eco- nomic policy. Its pillars – research, collaborative graduate training, and policy outreach – characterise the AERC multilayered capacity building and knowledge framework in sub- Saharan Africa. As part of its research capacity building based on ‘learning by doing’ through the the- matic research modality, AERC holds two Biannual Research Workshops each year: one in June and the other in December. The workshops have a dual purpose: a plenary conference which heralds the beginning of the biannual workshop and the peer review mechanism and external monitoring of research by a network of resource persons globally. Under the biannual workshop peer review mechanism, which has endured for over thirty years, African economists present their competitively selected research papers in vari- ous stages of development and receive constructive advice and criticisms voiced by their peers. The peer review is monitored and moderated by a group of carefully selected resource persons drawn from within and outside the region, who provide expert advice and mentoring. The plenary conference, which marks the beginning of the biannual workshop, is devoted to addressing issues of contemporary policy interest to Africa. Plenary sessions bring together researchers and policy makers from across the continent and beyond. Three to four papers are commissioned to experienced and leading economists in a given thematic focus area, drawn from around the globe, who produce state-of-the-art papers to be pre- sented during the plenary. The AERC plenary sessions serve at least five purposes. First, they inform AERC researchers on emerging issues in a particular area of research of importance to Africa’s development. Second, they provide an interface between research and policy, allowing for deep interactions between policy makers and researchers on emerging policy issues. Third, they provide a platform for upcoming researchers to learn from accomplished researchers, as well as a forum for signaling directions for future research. Fourth, they expose African researchers to best global research practices and frontier knowledge as they feature top thought leaders on the subject from around the globe. Finally, they inform policy makers in the region on the direction of policy solutions to the economic challenges facing Africa. © The Author(s) 2021. Published by Oxford University Press on behalf of the Centre for the Study of African Economies. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http:// creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited. Downloaded from https://academic.oup.com/jae/article/30/Supplement_1/i1/6395210 by DeepDyve user on 14 July 2022 i2 Preface To date AERC has successfully held 49 plenary sessions, and the topics addressed in previous plenary conferences include industrial policy and trade; poverty, inequality and labour market issues; financial sector reforms and restructuring; infrastructure and eco- nomic development; institutions and service delivery; climate change and economic devel- opment; youth employment in Africa: opportunities and challenges; sovereign wealth funds and natural resource management; China and Africa; Africa’s energy renewal, Governance for development in Africa, Innovation and incubation for Africa’s transformation, among others. AERC publishes these state-of-the-art plenary papers in a supplement of the Journal of African Economies, with the intention of reaching a wide audience with interest in African development issues. This audience includes the African and Africanist researchers, African policy makers and the international development community. We are pleased that the Journal of African Economies continues to partner with AERC in its efforts to realise its basic goals of (i) developing the capacity of African economists and other actors (research- ers, policy makers, students, etc.); (ii) providing timely and quality policy relevant informa- tion to the African and global policy-making communities, and (iii) contributing to global knowledge generation and sharing. This special issue combines four papers presented during the June 2019 Plenary Session of the African Economic Research Consortium (AERC) biannual research workshop held in Cape Town, South Africa, on the theme ‘Growing with Debt in African Economies: Options, Challenges and Pitfalls’ and a fifth paper featured in the December 2017 Biannual under the theme ‘Governance for Development in Africa’. This supplement comes at a time when the COVID-19 pandemic precipitated debt distress that had already started to unfold in many countries mainly after 2013. The papers in the supplement convey the following key messages. First, the profile of debt in most African countries has witnessed a shift towards non-concessional loans that increased the burden of debt-service due to high interest rate and shorter maturity period. Second, the common approaches used to assess debt-sustainability need to be complemented by country-specific analysis of debt-dynamics, including economic fundamentals, institutional and policy readiness to effectively manage debt. Third, to avoid another debt crisis, effort has to be made in improving debt management including transparency in debt accounting, careful forecast of growth prospects and debt carrying capacity as well as enhancing capacity of government to efficiently manage a pipeline of public investment programs. Fourth, an important component of debt management rests ultimately on the capacity of the state to mobilize revenue from the public which is significantly undermined by weak institutions and widespread perception of corruption against government authorities by citizens. Results from large household surveys generally suggest strong aversion towards tax compliance that could reinforce the underdevelopment trap. Njuguna Ndung’u African Economic Research Consortium http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of African Economies Oxford University Press

Preface

Journal of African Economies , Volume 30 (Supplement_1) – Nov 8, 2021

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Publisher
Oxford University Press
Copyright
Copyright © 2022 Centre for the Study of African Economies
ISSN
0963-8024
eISSN
1464-3723
DOI
10.1093/jae/ejab025
Publisher site
See Article on Publisher Site

Abstract

Downloaded from https://academic.oup.com/jae/article/30/Supplement_1/i1/6395210 by DeepDyve user on 14 July 2022 Journal of African Economies, 2021, Vol. 30, AERC Supplement 1, i–1i2 doi: 10.1093/jae/ejab025 The African Economic Research Consortium (AERC) is a capacity building network in Africa through research, graduate training and policy outreach programmes. AERC’s mis- sion is to strengthen local capacity for conducting independent, rigorous inquiry into the problems facing economies in sub-Saharan Africa, and to promote evidence-based eco- nomic policy. Its pillars – research, collaborative graduate training, and policy outreach – characterise the AERC multilayered capacity building and knowledge framework in sub- Saharan Africa. As part of its research capacity building based on ‘learning by doing’ through the the- matic research modality, AERC holds two Biannual Research Workshops each year: one in June and the other in December. The workshops have a dual purpose: a plenary conference which heralds the beginning of the biannual workshop and the peer review mechanism and external monitoring of research by a network of resource persons globally. Under the biannual workshop peer review mechanism, which has endured for over thirty years, African economists present their competitively selected research papers in vari- ous stages of development and receive constructive advice and criticisms voiced by their peers. The peer review is monitored and moderated by a group of carefully selected resource persons drawn from within and outside the region, who provide expert advice and mentoring. The plenary conference, which marks the beginning of the biannual workshop, is devoted to addressing issues of contemporary policy interest to Africa. Plenary sessions bring together researchers and policy makers from across the continent and beyond. Three to four papers are commissioned to experienced and leading economists in a given thematic focus area, drawn from around the globe, who produce state-of-the-art papers to be pre- sented during the plenary. The AERC plenary sessions serve at least five purposes. First, they inform AERC researchers on emerging issues in a particular area of research of importance to Africa’s development. Second, they provide an interface between research and policy, allowing for deep interactions between policy makers and researchers on emerging policy issues. Third, they provide a platform for upcoming researchers to learn from accomplished researchers, as well as a forum for signaling directions for future research. Fourth, they expose African researchers to best global research practices and frontier knowledge as they feature top thought leaders on the subject from around the globe. Finally, they inform policy makers in the region on the direction of policy solutions to the economic challenges facing Africa. © The Author(s) 2021. Published by Oxford University Press on behalf of the Centre for the Study of African Economies. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http:// creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited. Downloaded from https://academic.oup.com/jae/article/30/Supplement_1/i1/6395210 by DeepDyve user on 14 July 2022 i2 Preface To date AERC has successfully held 49 plenary sessions, and the topics addressed in previous plenary conferences include industrial policy and trade; poverty, inequality and labour market issues; financial sector reforms and restructuring; infrastructure and eco- nomic development; institutions and service delivery; climate change and economic devel- opment; youth employment in Africa: opportunities and challenges; sovereign wealth funds and natural resource management; China and Africa; Africa’s energy renewal, Governance for development in Africa, Innovation and incubation for Africa’s transformation, among others. AERC publishes these state-of-the-art plenary papers in a supplement of the Journal of African Economies, with the intention of reaching a wide audience with interest in African development issues. This audience includes the African and Africanist researchers, African policy makers and the international development community. We are pleased that the Journal of African Economies continues to partner with AERC in its efforts to realise its basic goals of (i) developing the capacity of African economists and other actors (research- ers, policy makers, students, etc.); (ii) providing timely and quality policy relevant informa- tion to the African and global policy-making communities, and (iii) contributing to global knowledge generation and sharing. This special issue combines four papers presented during the June 2019 Plenary Session of the African Economic Research Consortium (AERC) biannual research workshop held in Cape Town, South Africa, on the theme ‘Growing with Debt in African Economies: Options, Challenges and Pitfalls’ and a fifth paper featured in the December 2017 Biannual under the theme ‘Governance for Development in Africa’. This supplement comes at a time when the COVID-19 pandemic precipitated debt distress that had already started to unfold in many countries mainly after 2013. The papers in the supplement convey the following key messages. First, the profile of debt in most African countries has witnessed a shift towards non-concessional loans that increased the burden of debt-service due to high interest rate and shorter maturity period. Second, the common approaches used to assess debt-sustainability need to be complemented by country-specific analysis of debt-dynamics, including economic fundamentals, institutional and policy readiness to effectively manage debt. Third, to avoid another debt crisis, effort has to be made in improving debt management including transparency in debt accounting, careful forecast of growth prospects and debt carrying capacity as well as enhancing capacity of government to efficiently manage a pipeline of public investment programs. Fourth, an important component of debt management rests ultimately on the capacity of the state to mobilize revenue from the public which is significantly undermined by weak institutions and widespread perception of corruption against government authorities by citizens. Results from large household surveys generally suggest strong aversion towards tax compliance that could reinforce the underdevelopment trap. Njuguna Ndung’u African Economic Research Consortium

Journal

Journal of African EconomiesOxford University Press

Published: Nov 8, 2021

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