Global Financial Crisis and Development Drivers: A Review of the New Partnership for Africa Development (Nepad)

Finance is the process of channeling funds in the form of credit, loans or investable capital to those economic entities that need them most or can put them in the most productive use. Finance acts as midwife at the birth of an organization, which watches over its health during maternity and which sounds the warning knell when decay sets in; it is finance which often forces the final dissolution, through out the life of the organization, its shape is fundamentally influenced by decisions which are largely financial. (Edame, 2009). Globalization has meant difference things to different people. Some view it a beneficially process with potential to boast productivity and standards of living everywhere. Others believe that it increases inequality within and between countries, threatens employment and standards of living, as well as thwarts social progress. There are no doubt many opportunities: global markets; exposure to new ideas, technology and products; economies of scale in production; gains inefficiency in the utilization of productive resources; greater specialization between nations; better quality products and wide option for consumers increased competitiveness and increased outputs; ability to tap cheaper sources of finance internationally. African countries need to embrace globalization in the full awareness of these opportunities as well as the attendant risks. It is only in this context that the new Inductive African Union and New Partnership for African development (NEPAD) will make the impact desired.

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