Volume 67, Issue 2

Given the relative scarcity of capital and the small volume of savings in most African economies at independence, the establishment of stock exchanges and their regulation showed that several countries considered them as strategic financial intermediaries for channelling capital to their national, and even regional, economies. This article examines the Lagos Stock Exchange’s formative years as a political process of Nigeria’s decolonisation and the First Republic. Originally incorporated as a private limited liability company on 15 September 1960, and as the first stock exchange in West Africa and the region’s largest economy, the new financial intermediary defined the relationship between the post-independence state and the growing capital market during a period of considerable political and economic changes. The role of the post-independence state and state-owned enterprises in facilitating the trade on the Lagos Stock Exchange broadens the analytical scope of this investigation to identify the sources of Nigeria’s development finance. While significant efforts were taken to grow private individual participation in the share trade and ownership, the early years of the Lagos Stock Exchange were ultimately marked by the dominance of institutional investors such as state-owned enterprises and private commercial banks.

This article analyses the development of state-controlled farms in Ghana in the 1960s. To boost the economy of the new nation, Nkrumah focused on agricultural development for the export and domestic markets to increase national revenue but also availability of affordable foodstuffs through state farms and co-operative farms. These farms became rural sites of modernisation, as modern and mechanised agricultural farming methods were implemented. Farm machinery and vehicles were visible and tangible signs of progress and modernity. This in combination with the unprecedented employment opportunities on state-controlled farms created support for Nkrumah in rural areas, thereby fostering state-society relations. The article is specifically interested in state-led post-independence agricultural modernisation, and contributes a rural perspective on processes of decolonisation, rural nation-building, and the transition to socialism.

Despite the general demise of the phenomenon of state-owned enterprises (SOEs) in Europe since the 1970s, SOEs remained central to state economic planning in African markets after independence. Weak performance of African SOEs since the 1960s, mitigated reforms and some privatisation. The opening up of markets in Africa and states’ alignment to the market economic model, contributed to a different approach to the managing and operation of SOEs. The UNCTAD list of top non-financial conglomerates in the developing world includes two African SOEs. The lack of capital, access to modern technology and professional managerial skills (human capabilities), hampered the development of national economies in Africa. The state has re-entered the market in a different role as facilitator of private enterprise, but also as entrepreneur in strategic industries. Global resurgence of SOEs in the 21 st century witnessed a new generation global SOEs, also in some African cases. This paper will assess the development of the «new generation» SOEs in Africa since the last decade of the 20 th century using the case study of Sonatrach in Algeria.

African Airlines are not commonly associated with success, rather they recall instances of bad management, security concerns, and outdated machinery. This paper focuses on the success of two airlines during the first two postcolonial decades in Africa. During this time, the new national airlines of African states were important symbols of sovereignty, as well as providing crucial mobility for politicians and experts of all kinds. Addressing a gap in the literature on aviation in Africa on the one hand, and the research on state-owned enterprises on the other, the paper takes a closer look at expectation formation and management decisions regarding fleet modernisation and maintenance, as well as Africanisation politics in both enterprises. Contrary to blanket statements that refer to ideological goals as a reason for the failure of African state-owned enterprise, the political goal of independence made Africanisation of staff and the acquisition of company-owned equipment and facilities a priority. Using archival sources, company publications, and observations of contemporaries, it can be shown that through taking advantage of entangled interests of governments and the aviation industry, the two African airlines managed to break into the global air transport market at the beginning of the 1960s and stayed competitive for many years.