The Consequences of Unsustainable Business Development in Africa

Diploma Thesis from the year 2022 in the subject Business economics - Business Management, Corporate Governance, grade: 4.5, , language: English, abstract: There is therefore an urgent need to critically re-examine the development strategies that have been pursued in Africa and to adopt approaches that have a real potential to put Africa on the road to sustainable development (SD). This research reviews the challenges facing Africa in its determination to achieve SD in the new millennium and in the age of sustainable development.To set the background for an objective discussion on sustainable business development process in Africa, a number of principal business and environmental initiatives, conventions and programs adopted by the continent are first briefly reviewed. Finally, directions for future research aimed at transforming unsustainably dominant business practices and development in Africa are provided. Despite the fact that Africa is relatively rich in natural resources, development strategies pursued in the continent have not always been in harmony with the objective of ensuring decent living conditions for the population and maintaining a high level of environmental quality. Over the past five decades of political independence, most African countries have witnessed serious socio-economic and environmental crises. For example, rapid population growth and man-made and natural disasters have seriously bruised the quality of Africa’s business environment and the life of its population. The environmental business crisis facing Africa is a real threat to the very existence of the continent: Corruption, poor infrastructural development, low or poor government speeding, Low quality standards of goods and services, high cost of doing business due to lack of constant electric power supply, famine, starvation, floods, epidemic diseases, deforestation, desertification, and unmanageable mountains of waste are common environmental problems in most African countries. About two-thirds of Sub-Saharan Africa’s (SSA) agricultural lands are already seriously degraded. In the social realm, there is a big gap between economic and social well-being.