| Summary/Abstract |
In Africa, the dawn of political independence, which many countries experienced in the late 1950s and the early 1960s, ushered in political freedom but not economic prosperity. It was for this reason that the onset of the third wave of democratisation, which culminated into the end of the Cold War in 1989, came to be hailed by the African masses as a second form of liberation. The Africans hoped that democracy, once consolidated, would be the basis for economic development on their continent. This article observes, nonetheless, that democracy in many African countries has not proceeded to the expected phase of democratic consolidation due to several challenges that the article outlines. The article explains further that despite the uninspiring picture of political instability on the continent, Africa is actually home to at least six of the fastest growing economies in the world. The article, thus, suggests that India should not hesitate, but seek to increase its investment portfolio in Africa, since the continent’s unstable political environment is not at all inimical to foreign direct investment.
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