Assessment of global economic and financial reforms in developing countries: evidences from Sub-Saharan Africa (SSA)

The global economic and financial crisis that emanated from the fact that industrialized economies has greatly shackled the growth and development of the developing countries, including the SSA countries. In order to set free the global village from this menace, different institutions (global, regional and national) proposed and implemented several programs to guide against distortions that are likely to befall the world at large. This study assessed the effects of different global economic and financial reforms by these institutions on the economic activities of developing countries, with a focus on SSA region. Findings revealed that developed countries enjoyed more voting rights at the expense of developing countries at major summits, which have undermined the voice of poor nations. Adequate justice was not proffered in the aspect of the international reforms since they failed to consider the three factors (reach, range, and reason) identified by Amartya Sen that are critical to the success of any reform in relation to many developing countries. Consequently, African needs to deliberate the issue beyond the narrow financial agenda brought forward by the ruling international institutions.