Abstract

The recent global economic recess has far-reaching implications on the stock market, employment of labour and survival of the production sector. Investors are poorly compensated, jobs are lost in thousands and hitherto viable industries are folding up. The African economy is not spared either. Policy makers and technocrats are now being challenged in an attempt to arrive at workable solutions to the current economic quackmire. In this paper therefore, several economic indicators were examined. The implications of the various manifestations of the global financial crisis on the economic indicators of the African economy were investigated. These indicators include the gross domestic product, GDP, foreign reserves, employment opportunities among the active working population and rate of inflation on consumable goods and services, level of exports and interest rates, and so on. Some stop-gap measures put in place by the African countries to circumvent or mitigate the effects of the global crisis were identified and many relevant policy frameworks were suggested for implementation. To avoid an unmanageable economic recession therefore, it was suggested that more attention be paid to the efficiency of resource use and minimization of leakages or wastages in the African economies.