International Business: Challenges and Opportunities Facing Sub-Saharan African Entrepreneurs in the Wake of Global Economy

Kemadjou Yakam Yannick Damien
University Of Yaounde Ii Soa

 

Abstract: In the wake of recent political and economic reforms, sub-Saharan African countries are hoping to boost foreign investment and increase trade with Asia, Europe and the United States. But given the region's largely underdeveloped economies, will the efforts be successful? Globalization of markets and production has produced many opportunities and new threats for businesses hitherto accustomed to dominating their domestic markets. This article examines some major challenges and opportunities facing entrepreneurs and their small-scale enterprises  in Africa. Suggestions are offered on how support programs and policies can help to ensure that small entrepreneurial firms in Africa survive the fundamental shift occurring in the world economy because of globalization.Despite abundant natural and human resources, many of sub-Saharan Africa's 42 independent countries are among the world's poorest. Massive foreign debt has sapped the strength of the area's diverse economies. Under prodding from international lending organizations, many sub-Saharan countries introduced reforms in the 1980s. In its first comprehensive report on African countries, the World Bank reported that those countries that introduced tough austerity measures and other reforms, such as Ghana, showed growth, and those that did not fell further behind.

Keywords: Economic reforms, foreign investment, Globalization, Entrepreneurs, foreign debt, world bank, tough austerity, growth