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It goes without saying that Africa needs a significant quantum of resources to address its development challenges. The World Bank estimates Africa¡¯s infrastructure needs at USD 93 billion per annum and we estimate the social sector development needs at USD 109 billion per annum. We also find that the major sources of development finance in Africa are exhibiting either a declining or a constant trend. This, therefore, calls for significant increases in the fiscal space in which non-traditional sources of development finance can be game changers. This study discusses five sources of financing that are currently used by a relatively small number of African countries in spite of their potential to increase their fiscal space. Diaspora bonds, carbon sequestration and trading, renewable energy and Islamic finance, as sources of development finance are not traditional to many African countries. Tourism is traditional to all African countries, but is not optimally leveraged as in other parts of the world. We argue that African countries are not looking at the full range of options that could be available to them to increase the development finance space. We therefore argue that African policy makers should embark on revenue diversification to include non-traditional sources that could be game changers in their development finance mix

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  • Abdoulie Sireh-Jallow

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  • Abdoulie Sireh-Jallow, 2017. "It goes without saying that Africa needs a significant quantum of resources to address its development challenges. The World Bank estimates Africa¡¯s infrastructure needs at USD 93 billion per annum a," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(3), pages 275-282, March.
    • Handle: RePEc:ibn:ijefaa:v:9:y:2017:i:3:p:275-282
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    References listed on IDEAS

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    1. World Bank, 2015. "World Development Indicators 2015," World Bank Publications - Books, The World Bank Group, number 21634, December.
    2. World Bank, 2012. "World Development Indicators 2012," World Bank Publications - Books, The World Bank Group, number 6014, December.
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    More about this item

    Keywords

    non-traditional source; development finance; carbon sequestration; diaspora bonds; remittances;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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