Poverty Alleviation Through Global Economic Cooperation: The African Case and Context

Poverty alleviation in Africa is a multifaceted challenge that demands both local and international efforts. Global economic cooperation plays a significant role in addressing systemic poverty on the continent, seeing that African nations have vast potential for growth. But unlocking this potential requires addressing structural issues that perpetuate inequality and underdevelopment. In this chapter, therefore, we propose that global economic cooperation also offers a powerful avenue for fostering equitable trade relationships, promoting investment, transferring technology, and addressing climate change, and developing a sustainable African economy which can be supported by the international community. Together, Africa and the global community can create a more prosperous and equitable future. Our conclusions indicate that through fostering partnerships with regional and international agencies, African countries can benefit from technology transfer and capacity-building programs, access global markets without excessive tariffs or trade barriers, enjoy free movement of goods, services, and people, which will improve regional cooperation and poverty reduction through economic growth, promote sustainable agricultural practices, helping Africa increase its agricultural productivity while protecting natural resources and so on. Global cooperation helps facilitate affordable and clean energy in Africa, education, healthcare, which in turn reduce poverty in Africa. Again, through our conclusions, the successes and challenges of multilateralism in addressing Africa's poverty challenges, can contribute to a broader understanding of international relations and cooperation, particularly in how global governance mechanisms can be improved to address poverty more effectively, in Africa. Based on this, our knowledge contribution explains how co-operative economic initiatives and strategies through multiple associations (e.g., The OHADA, AfCFTA, ECOWAS, EAC) have contributed to poverty reduction in Africa.