Africa's Impact On The Social And Economic Development Of Africa

Africa gained his political independency more than five decades ago. Since then, the continent has struggled with extreme poverty and under-development. Many ideas have been raised and actions have been made to help Africa end poverty and promote the economic development of the continent. Among those ways of development growth we can cite: the formal economy, the microfinance, the green capitalism, the philanthrocapitalism and the social entrepreneurship. Each of these factors of development has their own and unique way of reducing poverty, and promoting social and economic development growth.

In our analysis below, we will focus more on the formal economy and the microfinance sector as factors of development. To best address our subject, some questions have been asked. What is the social and economic impacts or benefit of regulating the informal sectors? Why might development perspectives recommend the formalization of regularization of economic practices? What is microfinance? In what sense does it contribute to the development of Africa? Are we talking about development or finance when we talk about microfinance?

According to the International Labor

Workers in the informal economy are subjected to unsafe working conditions, sexual harassment sometimes, child labor and other forms of abuse and exploitation. Most of their works do not usually require any qualification. Therefore, those workers do not have enough skill or opportunities to be trained. As far as the income they earn at their long working hours jobs, it is indeed uncertain, irregular and lower compare to the one who work in the formal economy. Because they are not known, registered or protected under the labor and social protection legislation, those workers cannot defend their fundamental rights. They always work under fear and pressure which makes it hard for them to enjoy and exercise their