Author(s) :

Victoria Lynn Barbara Mvondo.

Volume/Issue :

Abstract :

Africa’s economic performance compared to the rest of the globe is poor. The continent struggles with economic instability, facing challenges like low gross domestic products (GDP) and limited industrial growth. Additionally, the civil wars and conflicts that displace millions in Africa exacerbate poverty and war-torn regions find it nearly impossible to create a stable environment for economic development. Many African countries struggle to offer basic education resources, limiting the youth’s access to skills required to secure jobs offering high wages. As a result, future generations are stripped of opportunities for advancement, continuing the cycle of generational poverty. In addition, corruption and unstable governments prohibit resources from contributing to development projects. Lastly, Africa is the continent with the highest poverty rates, lowest adult literacy rates, lowest Corruption Perception Index score, and is the most conflict-prone continent. This paper argues that Africa’s struggles with economic development stem from the destruction of institutions caused by the transatlantic slave trade, which fostered a survivalist mindset and corruption still present today. However, by understanding these root causes, African countries can break the cycle through institutional reform and a cultural shift towards collective progress.