Africanisation and reformation of the African international investment landscape : towards a new continental investment agreement

Abstract

Many African states have now regained their independence, however, sustainable economic development and relations remain a dream. The African powerhouse is hosted at the African Union (AU) and it is aimed at achieving unity, cohesion, solidarity and economic freedom. To achieve this, it has put in place several international agreements. However, even though one of the main aims of the AU is to achieve economic independence, it still does not have a stand-alone binding AU Investment Agreement. Foreign investment at the AU level is currently regulated under the African Continental Free Trade Area Agreement (AfCFTA Agreement). The AU is currently negotiating the AfCFTA Agreement Investment Protocol. Furthermore, the AU has put in place the Pan-African Investment Code of 2016 (PAIC) which aims to provide a model and guidelines for regulating investment in Africa. In light of the above, the question that begs for an answer is: Are the above reforms adequate to achieve sustainable economic development and relations in Africa? The study is centred around interrogating the gaps in the current African foreign investment framework with a purpose of charting the new reformed and Africanised AU Investment Agreement. To this end, the study encompasses a reformed, decolonised and Africanised approach which places African countries at the centre of its policy making and implementation. The study is structured sequentially in that it identifies problem statement, legal questions, aims and objectives which are pillars of the whole thesis. The study then moves to provide a historically overview of foreign investment in Africa from the Global perspective. The study then moves to provide historical events which are aimed at debunking some of the prevailing notions regarding the emergence and evolution of foreign investment in Africa. Once Africa’s history and its contribution to the development of foreign investment as a field of law has been put to the fore, the study shifts to the current foreign investment landscape. It does this in order to assess Africa’s efforts and challenges that stand in its way of achieving sustainable economic development and relations. The study then compares the Southern African Development Community Protocol on Finance and Investment of 2016 and the PAIC with a purpose of charting the proposed Africanised and reformed AU Investment Agreement in order to deal with the challenges highlighted throughout the study.

Matiko yo tala eAfrika se mani ntshuxeko wa rihanyo. Kambe ntshuxeko wa ikhonomi kumbe swa timali na vuxaka exikarhi ka matiko ya Afrika awu se fikeleriwa. Mihlangano ya ma tiko ya Afrika yi kumeka eAfrican Union (AU). Swinwana swa xikongomelo swa mihlangano leyi I ku fikelela ntwanano, ku khomanana ni ntshuxeko eka swa timali. Afrkia yi kotile ku fikelela swinwana swa swikongomelo leswi, kambe ya ha tikeriwa hi ku fikelela ntshuxeko wa swa timali kumbe ikhonomi. AU yile kuringeteni hi matimba ku fikelela ntshuxeko lowu hiku veka swiyenge swo hambana-hambana. Kambe xiphiqo-nkulu a ku na xiphemu lexi xi nga tiyimela xi ri xoxe lexi xi nga langutana na timhaka ta vuvekisi eAfrika. Vuvekisi bya le matikweni mambe eAfrika byi voniwa ehansi ka mpfumelelano wa African Continental Free Trade Agreement (AfCFTA Agreement). Matiko lawa yanga le hansi ka Africa ma karhi male ku burisaneni leswaku ku vekiwa mpfumelelano lowu wu ngatava ehansi ka AfCFTA Agreement. Mpfumelelano/ntwanano lowu wu ta vitaniwa AfCFTA Agreement Investment Protocol. Na kambe AU yivekile xiboho xa Pan African Investment Code of 2016 (PAIC) ku yi kombisa vuleteri bya timhaka ta vuvekisi eAfrika. Kuya hi leswi swinga tsariwa laha e henhla, xivutiso-nkulu hi lexi: Xana mintwanano ya AfCFTA Agreement na PAIC yita swi ta kota ku fikelela ntshuxeko wa swa timali na vuxaka kuya kuyile eAfrica? Vulavisisi-nkulu na xikongomelo swa dyondzo leyi i ku kuma ndlela yo pfala vangwa leri ri nga kona eAfrika. Leswi swi ta endliwa hi ku mpfampfarhuta no tsala mpfumelelano lowu wungata tsariwa hi tlhelo ra Afrika ra AU Investment Agreement. Mpfampfarhuto lowu wu ta tekela e nhlokweni ni ku tlhela wu veka matiko ya Afrika emahlweni loko swita e ka timhaka ta swa timali, ikhonomi na vuxaka. Xivumbeko xa dyondzo leyi xa landzelerisa, na kona xi fambisa xi leswi: Xisungula hiku humesa e ri valeni xiphiqo, xivutiso-nkulu na swikongomelo leswi swinga khoma dyodzo leyi. Loko yi heta sweswo, dyondzo leyi yita nika matimu hi vu enti e ka swa vuvekisi emisaveni hinkwayo. Loko yi heta sweswo, yita nika xiga lexi ngata komba ku i khale Africa yi ngenelela timhaka ta vuvekisi na swa timali; naku a swi sungulanga loko valungu va fika eAfrika. Ndzhaku ka sweswo, dyondzo leyi yita languta laha Afrika yinga kona e ka nkarhi wa sweswi kuya hi swiyimo swa timali, ikhonomi na vuvekisi. Dyondzo leyi yi endla leswi hi xikongomelo xo komba vangwa na swiphiqo leswi swi pfalaka ku humelela ka Afrika. Loko yi heta leswi, yita fananisa mipfumelelano ya Southern African Development Community Protocol on Finance and Investment of 2016 na PAIC. Leswi swi ta endliwa hi xikongomelo xo tsala mpfumelelano wa AU Investment Agreement lowu wu ngata pfala swiphiqo wa swa timali, ikhonomi na vuvekisi eAfrika.