Many of the issues with financial data in Africa stem from the reduced degree of resources open to national statistics offices, which has resulted in inadequate quality macroeconomic data. Most African countries also use out-of-date nationwide income accounting specifications rendering international comparisons between their economies and the developed world of little value.
African countries generally fail to adequately record the size of the informal economy which estimates suggest could take into account between 21.9% and 62.7% of GDP in the countries over the continent. This paper analyses the accuracy and provision of recognized national income accounting data across 54 African countries. The primary factor impacting on the grade of national income statistics across Africa is the capability of national statistical offices and the resources designed for them to check out the best international practice to ensure comparability with other parts of the world. This is a worldwide problem, but it is specially serious across Africa because of the relatively higher proportion of the world’s poorer countries that are located in the continent.
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“…in most African states the database for aggregating methods of income and development are vulnerable. The problem is more serious than the shortcomings that can arise from individual national statistics offices feeding inaccurate data into the public domain. There’s also … Read more