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The main aim of this study was to investigate the impact of foreign portfolio investment on economic growth in Africa.  The motivation to explore the effects of portfolio investment and growth stemmed from the fact that Africa has recorded large capital inflows since the global financial crisis. These capital flows can have positive or negative consequences. The effects of foreign portfolio investment on the African economy is an area of interest because very little has been done on the subject area. The study used quarterly panel from 1995 to 2014. The study used only five African countries; South Africa, Botswana, Kenya, Mauritius and Nigeria. These countries were chosen because they are in the top five of the African financial markets index. A GMM model was adopted to test the effects of portfolio flows on economic growth in the selected African states. Results showed that there is a weak relationship between portfolio investment and economic growth and that there is a positive relationship between INT and GDP. Results also show a positive relationship between EXCH and GDP in the long run.  A depreciation in the rand exchange rate is seen to be depressing economic growth. The study recommended that the Central Banks in African countries develop better strategies to enhance capital flows' benefits. This can be done by establishing and improving financial institutions which are still developing.

Financial cycles are widely regarded as key drivers of global financial conditions and major contributors to international financial crises. Understanding the extent to which these cycles are interconnected is essential for developing early warning systems to predict financial crises and for informing the design of macroprudential and monetary policies. In this context, a dynamic factor model and time-varying Granger causality (TVGC) are employed to assess the degree of financial cycle synchronization between advanced economies and systemic middle-income countries (SMICs). Our data spans the period from 1980Q1 to 2023Q4. The analysis reveals that a common factor—shared by both advanced and systemic middle-income economies—plays a significant and persistent role in driving financial cycles across these regions. Notably, the influence of this common factor intensified following the 2007–2009 global financial crisis, highlighting the growing financial interconnectedness between these economies. These results strongly support the argument for closer coordination of macroprudential policies between advanced economies and SMICs. The findings from the TVGC analysis further reinforce the conclusions drawn from the dynamic factor model. Specifically, the TVGC results indicate a bidirectional causality between the financial cycles of advanced economies and SMICs, suggesting mutual influence. This bidirectional relationship underscores the importance of enhanced policy coordination across these economies to mitigate systemic risks.

This article critically examines the legacy of the CFA franc system, a colonial-era monetary arrangement that continues to shape the economic landscape of 14 countries in West and Central Africa. Framed within the discourse of decolonization and economic sovereignty, the paper explores the historical origins, institutional design, and enduring consequences of the CFA franc. While the currency system provides nominal stability, it restricts fiscal and monetary autonomy, reinforces dependency on France, and inhibits regional integration and industrial development. Drawing on theoretical and empirical literature, policy reports, and civil society commentary, the paper evaluates the political economy of monetary reform, including the proposed Eco currency. It emphasizes the need for structural transformation, regional cooperation, and democratic governance in reimagining African monetary futures. The analysis concludes by emphasizing that genuine economic liberation requires dismantling financial instruments rooted in colonial logic and replacing them with systems that reflect African priorities, agency, and development goals

Globalisation has reshaped capital flows, technology transfer, and labour market dynamics. In South Africa, these dynamics are particularly important given the country’s post-1994 reintegration into the global economy and its persistently high unemployment despite financial liberalisation. This study analyses the effects of financial globalisation on employment in South Africa between 1990 and 2022, distinguishing between its de facto and de jure dimensions. Using annual secondary data, the study applies the Autoregressive Distributed Lag modelling framework and Toda–Yamamoto causality tests to assess directional causality and finds that the two dimensions behave differently. De facto financial globalisation has a positive long-run elasticity of 0.14 with respect to employment, marginally significant at the 10% level. Whereas de jure financial openness carries a negative and largely statistically insignificant coefficient. Causality runs from financial globalisation to employment, and de jure openness follows rather than anticipates actual flows, indicating that South Africa’s financial liberalisation framework is more reactive than proactive. The findings suggest that employment depends less on formal liberalisation than on whether capital flows are channelled into productive, labour-absorbing investment, and support policies that condition financial openness on industrial and skills development rather than pursuing openness for its own sake.

Globalisation has reshaped capital flows, technology transfer, and labour market dynamics. In South Africa, these dynamics are particularly important given the country’s post-1994 reintegration into the global economy and its persistently high unemployment despite financial liberalisation. This study analyses the effects of financial globalisation on employment in South Africa between 1990 and 2022, distinguishing between its de facto and de jure dimensions. Using annual secondary data, the study applies the Autoregressive Distributed Lag modelling framework and Toda–Yamamoto causality tests to assess directional causality and finds that the two dimensions behave differently. De facto financial globalisation has a positive long-run elasticity of 0.14 with respect to employment, marginally significant at the 10% level. Whereas de jure financial openness carries a negative and largely statistically insignificant coefficient. Causality runs from financial globalisation to employment, and de jure openness follows rather than anticipates actual flows, indicating that South Africa’s financial liberalisation framework is more reactive than proactive. The findings suggest that employment depends less on formal liberalisation than on whether capital flows are channelled into productive, labour-absorbing investment, and support policies that condition financial openness on industrial and skills development rather than pursuing openness for its own sake.

This article critically examines the legacy of the CFA franc system, a colonial-era monetary arrangement that continues to shape the economic landscape of 14 countries in West and Central Africa. Framed within the discourse of decolonization and economic sovereignty, the paper explores the historical origins, institutional design, and enduring consequences of the CFA franc. While the currency system provides nominal stability, it restricts fiscal and monetary autonomy, reinforces dependency on France, and inhibits regional integration and industrial development. Drawing on theoretical and empirical literature, policy reports, and civil society commentary, the paper evaluates the political economy of monetary reform, including the proposed Eco currency. It emphasizes the need for structural transformation, regional cooperation, and democratic governance in reimagining African monetary futures. The analysis concludes by emphasizing that genuine economic liberation requires dismantling financial instruments rooted in colonial logic and replacing them with systems that reflect African priorities, agency, and development goals

Financial cycles are widely regarded as key drivers of global financial conditions and major contributors to international financial crises. Understanding the extent to which these cycles are interconnected is essential for developing early warning systems to predict financial crises and for informing the design of macroprudential and monetary policies. In this context, a dynamic factor model and time-varying Granger causality (TVGC) are employed to assess the degree of financial cycle synchronization between advanced economies and systemic middle-income countries (SMICs). Our data spans the period from 1980Q1 to 2023Q4. The analysis reveals that a common factor—shared by both advanced and systemic middle-income economies—plays a significant and persistent role in driving financial cycles across these regions. Notably, the influence of this common factor intensified following the 2007–2009 global financial crisis, highlighting the growing financial interconnectedness between these economies. These results strongly support the argument for closer coordination of macroprudential policies between advanced economies and SMICs. The findings from the TVGC analysis further reinforce the conclusions drawn from the dynamic factor model. Specifically, the TVGC results indicate a bidirectional causality between the financial cycles of advanced economies and SMICs, suggesting mutual influence. This bidirectional relationship underscores the importance of enhanced policy coordination across these economies to mitigate systemic risks.

The main aim of this study was to investigate the impact of foreign portfolio investment on economic growth in Africa.  The motivation to explore the effects of portfolio investment and growth stemmed from the fact that Africa has recorded large capital inflows since the global financial crisis. These capital flows can have positive or negative consequences. The effects of foreign portfolio investment on the African economy is an area of interest because very little has been done on the subject area. The study used quarterly panel from 1995 to 2014. The study used only five African countries; South Africa, Botswana, Kenya, Mauritius and Nigeria. These countries were chosen because they are in the top five of the African financial markets index. A GMM model was adopted to test the effects of portfolio flows on economic growth in the selected African states. Results showed that there is a weak relationship between portfolio investment and economic growth and that there is a positive relationship between INT and GDP. Results also show a positive relationship between EXCH and GDP in the long run.  A depreciation in the rand exchange rate is seen to be depressing economic growth. The study recommended that the Central Banks in African countries develop better strategies to enhance capital flows' benefits. This can be done by establishing and improving financial institutions which are still developing.