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Open Access October 12, 2022 Endnote/Zotero/Mendeley (RIS) BibTeX

Effects of Illicit Financial Flows on Economic Growth and Development in Sub-Saharan Africa

Abstract Using a desktop review of literature, the effect of illegal capital flows on the economic performance of Sub-Saharan Africa is examined. The review focus on articles with attention to illegal capital flows and their effects on the economic performance of Sub-Saharan Africa as a whole. By way of sampling method, purposive sampling was used, and so the desktop review focused purposively on articles [...] Read more.
Using a desktop review of literature, the effect of illegal capital flows on the economic performance of Sub-Saharan Africa is examined. The review focus on articles with attention to illegal capital flows and their effects on the economic performance of Sub-Saharan Africa as a whole. By way of sampling method, purposive sampling was used, and so the desktop review focused purposively on articles published on issues of illicit financial flows and their effects on the economic performance of Ghana and Sub-Saharan Africa as a whole. The review found a high propensity of trade mis-invoicing and thus high illicit financial flows, transactions across boarders from developing countries and for that matter Sub-Saharan Africa to the developed economies. Therefore, the research recommends that customs divisions in sub-Saharan Africa should have up-to-date commodity-level world pricing information to make relatively better comparisons to detect mis-pricing and avoid such falsification and manipulation in trade. Given the high propensity of trade mis-invoicing resulting in high illicit financial flows, we recommend that cross-border transactions from developing sub-Saharan African countries be subjected to heightened scrutiny to curtail any potential traces of falsification in trade for tax evasion.
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Research Article
Open Access November 29, 2022 Endnote/Zotero/Mendeley (RIS) BibTeX

Leaving No One Behind: Can Rising Africa Beat the Odds Against Poverty?

Abstract The number of poor people continues to rise in Africa, despite a slow decline in the poverty rate. Africa with a population of 422 million poor people, representing about 70 per cent of the world's poorest people shows that the global burden of poverty has shifted from the rest of the world to Africa. This paper discussed the causes of poverty on the continent and various responses by stakeholders [...] Read more.
The number of poor people continues to rise in Africa, despite a slow decline in the poverty rate. Africa with a population of 422 million poor people, representing about 70 per cent of the world's poorest people shows that the global burden of poverty has shifted from the rest of the world to Africa. This paper discussed the causes of poverty on the continent and various responses by stakeholders toward accelerating its poverty reduction. It was found that with the available statistics and projections, Africa will still fall short of eradicating poverty by 2030, but it can bring it to a low level. The study, therefore, recommends that African policymakers should aim for growth that is inclusive and sustainable. International support from the world bank, ODA, G7, and others will play a vital role, especially through technology and resource transfers, also African continent need to improve its resource mobilization.
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Open Access November 10, 2022 Endnote/Zotero/Mendeley (RIS) BibTeX

Modeling and Forecasting Cryptocurrency Returns and Volatility: An Application of GARCH Models

Abstract The future of e-money is crypocurrencies, it is the decentralize digital and virtual currency that is secured by cryptography. It has become increasingly popular in recent years attracting the attention of the individual, investor, media, academia and governments worldwide. This study aims to model and forecast the volatilities and returns of three top cryptocurrencies, namely; Bitcoin, Ethereum [...] Read more.
The future of e-money is crypocurrencies, it is the decentralize digital and virtual currency that is secured by cryptography. It has become increasingly popular in recent years attracting the attention of the individual, investor, media, academia and governments worldwide. This study aims to model and forecast the volatilities and returns of three top cryptocurrencies, namely; Bitcoin, Ethereum and Binance Coin. The data utilized in the study was extracted from the higher market capitalization at 31st December, 2021 and the data for the period starting from 9th November, 2017 to 31st December 2021. The Generalised Autoregressive conditional heteroscedasticity (GARCH) type models with several distributions were fitted to the three cryptocurrencies dataset with their performances assessed using some model criterion tests. The result shows that the mean of all the returns are positive indicating the fact that the price of this three crptocurrencies increase throughout the period of study. The ARCH-LM test shows that there is no ARCH effect in volatility of Bitcoin and Ethereum but present in Binance Coin. The GARCH model was fitted on Binance Coin, the AIC and log L shows that the CGARCH is the best model for Binance Coin. Automatic forecasting was perform based on the selected ARIMA (2,0,1), ARIMA (0,1,2) and the random walk model which has the lowest AIC for ETH-USD, BNB-USD and BTC-USD respectively. This finding could aid investors in determining a cryptocurrency's unique risk-reward characteristics. The study contributes to a better deployment of investor’s resources and prediction of the future prices the three cryptocurrencies.
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Open Access November 09, 2022 Endnote/Zotero/Mendeley (RIS) BibTeX

Economic Consequences of Covid-19 in Western Ethiopia: Challenges and Opportunities

Abstract This research is conducted with main aim of assessing the economic consequences of Covid-19 pandemic in Western Ethiopia. Primary data is collected through questionnaire and interview from 320 respondents living in three zones of Western Ethiopia. The study areas (zones) are selected purposively from Oromia region; however, the respondents are sampled by employing random sampling technique. The [...] Read more.
This research is conducted with main aim of assessing the economic consequences of Covid-19 pandemic in Western Ethiopia. Primary data is collected through questionnaire and interview from 320 respondents living in three zones of Western Ethiopia. The study areas (zones) are selected purposively from Oromia region; however, the respondents are sampled by employing random sampling technique. The respondents were stratified as community members, daily laborer, business owners, government sector and NGOs employees. Exploratory research design was adopted to achieve the research objectives. Simple descriptive statistics and ordinary least square regression model are used to analyze and interpret the collected data. The study results disclose that majority of community have good awareness about the pandemic and social interaction is reduced due to social distancing. Majority of respondents realize the negative impact of Covid-19 on their economy; reduction of office services; and reduced access to market; and absence of strong support from the government. The great severity of Covid-19 impacts is failed on daily laborers. The regression result shows that sales, experience in business, education level in years, employment status of the respondent, number of workers in the business and work hours per week are positively and significantly influencing daily income of business owner before and after the pandemic outbreak. It is advised the stakeholders to give frequent follow-up and support particularly for daily laborers and small business holders to reduce the future socio-economic impacts of Covid-19 pandemic.
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Keyword:  Economics
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