Abstract
Entrepreneurship is widely argued to be critical for economic development and alleviating extreme poverty. However, entrepreneurship research in sub-Saharan Africa has not received much attention over the last few decades possibly due to a lack of sufficient resources. It is becoming increasingly important as Africa, especially sub-Saharan Africa, is developing rapidly and moving from a resource-based economy to one of innovation and progress. Using data from the Global Entrepreneurship Monitor (GEM), this paper discusses the opinions of national expert informants in Angola, Madagascar, Mozambique and South Africa and looks at the factors which are possibly hindering and inhibiting entrepreneurial development. The results indicate that there are four main inhibitors ranging from lack of access to finance, government policies, regulations and practices for entrepreneurs and the poor levels of entrepreneurship education. Some recommendations are made as to what can be done to assist in promoting economic development.
Highlights
The world has looked upon Africa as the “lost continent” where institutions are fragile and weak, economic growth has stalled and where poverty and disease are widespread (Welt De, 2009)
Looking at Global Entrepreneurship Monitor (GEM) reports of the last years, it is possible to confirm that the changes that occur in these indicators are slow and progressive, not registering large oscillations unless there is a specific reason that justifies it, such as an economic or social crisis, a structural change, a natural catastrophe or any event of great positive or negative impact in a country
Strengths and weaknesses of the entrepreneurship context at sub-Saharan countries with recent data The results presented cover only South Africa, Angola, Mozambique and Madagascar as they represent the more recent Sub-Saharan participants and will describe the average state of the Entrepreneurial Framework Conditions (EFCs) within each country comparing it with that achieved by the economic group of GEM countries to where they belong as per the Global Competitiveness Report classification
Summary
The world has looked upon Africa as the “lost continent” where institutions are fragile and weak, economic growth has stalled and where poverty and disease are widespread (Welt De, 2009). Real GDP rose by 4.9% from 2001 to 2008 more than twice that of the 1980s and 1990s (OECD, 2012). During this period, the telecommunications, banking and retail sectors flourished, construction boomed and private investment flows surged. Many countries in sub-Saharan Africa (SSA) such as Nigeria, Angola, Botswana and the Democratic Republic of the Congo became less reliant on raw material mineral extraction and agriculture and started to move towards hightechnology innovation (McKinsey Global Institute Analysis, 2017).
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
