The Zimbabwe Electricity Supply (ESI) reforms of 2002 were primarily meant to improve the quantity and quality of electricity supply through encouraging private participation, especially in generation, introducing regulation and competition and restructuring the utility. The reforms have not yielded the expected results, two decades on. This research explores the reform process and the extent to which it is structured to encourage private investments. The research approach used was primarily qualitative, based on survey research and expert interviews as well as longitudinal power sector performance data. The research found that a transitional ESI structure was adopted to deal with legacy debt issues, as well as to allow the different companies time to develop to a level where they can commercially trade. The regulator was found to be fairly independent, with a good licensing framework and tariff methodology. However, the off-taker's tariff is below cost, though IPPs have been awarded cost reflective tariff and largely view the tariff methodology as acceptable. Only small IPPs have been able to commission their projects, with the larger ones failing to reach financial closure. This has not helped some of the objectives of the reform, as the installed capacity in the country remains below demand. The reforms proposed in the Electricity Act of 2013, meant to further restructure the utility, have not been implemented as the government felt that the conditions in the country were not yet conducive for the generation, transmission and distribution companies to be spun out of ZESA Holdings. The research concluded that the reforms managed to improve the attractiveness of the industry to investment, though only small IPPs managed to commission their projects, leaving a large demand-supply gap. It is recommended that further study be done to establish conditions necessary for further restructuring of the sector as this may be the panacea for unlocking bigger projects which will have an impact on improving the quantity and quality of power supply.

This paper uses a nationally representative sample of agricultural businesses in Tanzania to empirically investigate the determinants of credit constraint status and its impact on agricultural productivity. In particular, we directly elicit the nature of the credit constraints experienced by crop producers. Subsequently, we evaluate the effect on crop output value per hectare using an endogenous switching regression model, which simultaneously estimates the likelihood of being credit constrained and its impact on productivity. The results provide evidence that the relaxation of all credit constraints would significantly enhance agricultural productivity; hence, contributing favourably to rural development, poverty alleviation, and the improvement of living standards in Tanzania. Moreover, consideration of only quantity constraints was shown to underestimate the full impact of credit constraint status in the presence of transaction costs and risk constraints. We advocate for the Tanzanian agricultural policy framework to adopt a broader definition of credit constraint status in pursuit of agricultural and economic development.

This study uses a nationally representative sample of individuals from Finscope survey 2013 to empirically investigate the determinants of gender disparities in financial inclusion in Tanzania. Using logit regression, the study tests whether an individual's gender affects financial inclusion. Subsequently the study evaluates the relationship between individual's characteristics and the uptake of financial services and products by gender. The results provide evidence to suggest that gender disparities in financial inclusion are only prevalent in the uptake to formal savings and formal credit but not access to formal financial accounts and mobile money accounts. Being a woman decreases the likelihood of saving while increasing the likelihood of borrowing at a formal financial institution by 17% and 2% respectively. Gender disparities in financial inclusion in Tanzania are caused by women being poorer, less educated, less employed, and more dependent than men. More women than men have no formal education hence decreasing their likelihood of accessing formal financial accounts by 58.4%. Employment is the strongest determinant increasing women's financial inclusion by 25% however fewer women are formally employed. While women have a higher propensity to save than men, they lack independence to make financial decisions, have lower financial and digital literacy and have lower mobile phone ownership to access mobile money accounts. The study recommends the Tanzania National Council for Financial Inclusion (TNCFI) to; incorporate gender targets in the financial sector and encourage gender mainstreaming in other sectors; and through engagement with other stakeholders, scale up informal financial services by integrating them with digital platforms to increase access to formal accounts. Finally, it is recommended that TNCFI boosts implementation of the National Financial Education Framework in efforts to increase women's financial capabilities and empower them to take up formal financial services.

The aim of the study is to assess the Impact of Agricultural Finance on Small and Medium Agribusiness in Zambia focusing on Lima Credit Scheme of the Zambia National Farmers Union (ZNFU) in sampled districts. Survey questionnaires were administered to 120 farmers selected from 8 districts. Two focus group discussions were held and key informants drawn from ZNFU, Zambia National Commercial Bank and representatives of the Agribusiness chamber and Insurance companies were interviewed. The study hypothesis that the LCS intervention has had no favourable impact on beneficiary farmers and Agro-Businesses in Zambia was proved to be null. To the contrary, the findings indicate that LCS had favourable impact on beneficiary farmers and Agro-Businesses in Zambia. Thus, the study findings show that to a greater extent the scheme had positive impact that include; increased knowledge among Lima Credit scheme beneficiaries through trainings in various topics such as financial literacy and crop husbandry, increased economic wellbeing of the LCS beneficiaries, more households procuring oxen drawn agricultural implements, higher production levels of maize and soy-bean, greater participation in the market by SSFs, increased income, among others. In addition to the descriptive analysis, the factor analysis too showed that the first factor access to production inputs based benefits suggests that in this component farmers accrued benefits from LCS which include access to market information, increase in area planted, increase in volumes sold and incomes. The second factor improved income based benefits suggests that respondents in this component acknowledges that as a result of increased incomes, they have recorded improved access to health, able to reinvest in other businesses, increase yield per hectare, able to pay loans on time, able to acquire agriculture Assets-Ox drawn, access to commodity markets and improved access to education. Unique to the scheme is the insurance cover on the loan amount that mitigates defaults resulting from natural cause such as drought and floods. The study concludes that Lima Credit Scheme had favourable impact on beneficiary farmers and Agro-Businesses in Zambia.

This paper investigates the extent to which the 2008 - 2009 financial crisis impacted economic growth and employment in developing countries, with Zambia as the entity of focus. It further examines the industrial policy strategies employed by the country before, during and after the crisis and whether they have been effective in shielding the country from exogenous shocks and creating sustainable employment opportunities. This provides a unique perspective by evaluating policy responses to external shocks while monitoring the key economic variables highlighted. It draws from conceptual ideas and previous research around the evolution of financial crises and industrial policy, evaluating the manner in which the effects of the former, originating from financial markets in developed economies, trickle down to developing nations with no solid roots in international financial markets. Furthermore, it assesses the application of the latter concept and its ability to preserve and support sustainable economic development. The paper presents an exploratory case study analysis of Zambia which has been negatively affected by the financial crisis to a large extent due to number of vulnerabilities that leave the country exposed. The findings suggest that industrial policy in itself cannot fully insulate developing countries from the dynamic and unpredictable external environment. However, there are a number of policy considerations that can be made, highlighted as concluding recommendations, to support the growth of the economy and mitigate against the impact of inevitable external shocks. It is important to note that each developing country case is unique to itself but generalised findings can still be comparable to other countries that share some fundamental demographic similarities.

This aim of this research is to explore two methods for procuring security services in South Africa. This research is a comparative case study between two correctional centers, which are the Mangaung Correctional Centre and the Kimberly Correctional Centre. The Mangaung Correctional Centre has been procured through Public-Private Partnership, where government procures services through a private party and the Kimberly Correctional Centre has been procured through the traditional public sector finance method. The main objectives of the study is to compare and contrast the costs of incarceration in these correctional centres; to evaluate the quality of security services provided in these two correctional centres as well as to examine the most economic, efficient and effective method of procuring security services. The research findings indicated that the incarceration costs for Mangaung Correctional Centre were far more than the costs for Kimberly Correctional Centre, which poses a threat of affordability for the Department of Correctional Services. The research study also found in terms of the quality of security services provided in Mangaung Correctional Centre, there have been no escapes or riots reported in the centre for a very long time, on the other hand, the research has found that there has been a compromise in the quality of security services provided in Kimberly Correctional Centre because the centre has experienced violent riots in the recent years and there has been security threats due to the loss of the master key. It emerged from the research findings that there is generally a lack of monitoring and evaluation especially when it comes to the issue of incarceration costs in Mangaung Correctional Centre because the costs have increased by more than 100 per cent since inception, this is far more than increase in average inflation for the period reviewed. The research concluded by providing recommendations for consideration of procuring security services in future. Some of the key recommendations made in this research are that before government enters into any major contract, unless the feasibility study confirms the affordability of the project, then the government should not pursue the project further. The research further recommended that the government negotiators represented in the negotiation processes and awarding contracts should be capacitated, more especially in the area of finance and law to ensure that they understand the complexities and technicalities involved during the processes.

Many empirical studies hypothesise that foreign direct investment (FDI) has a positive impact on economic growth. As a result, FDI has been targeted by many countries in their attempts to increase their standards of economic growth. South Africa (like many developing economies) is not a stranger to this phenomenon. However, there is a dearth of literature analysing the relationship between FDI and economic growth at a sector level in South Africa. This thesis analyses the causal relationship between FDI and economic growth in South Africa at a sector level comprising primary, secondary and tertiary industries. This study applied a more robust and asymptotically reliable Toda-Yamamoto-Dolado-Lutkephol (1995) methodology in analysing the causal relationship thus addressing the potential biases and asymptotic unreliability relating the traditional Granger causality technique. The report shows that FDI Granger-causes growth in primary, secondary, tertiary sectors and at an aggregate level. In addition, growth was found to Granger-cause FDI at tertiary and aggregate level. On the other hand growth does not Granger-cause FDI at primary and secondary sector level. The only bi-directional relationship that could be observed was at the tertiary and aggregate sector level, whereas at primary and secondary sector level, the relationship was found to be unidirectional.

Despite all the efforts and initiatives put in place by governments and development finance institutions to improve financial inclusion, two billion people in the world remain unbanked. The majority of the unbanked population is in the developing countries and mostly in the Sub-Saharan region. This is of huge concern to many governments and their international development partners because it hinders inclusive economic growth. It is argued that consumers can only use products and /or services if they have enough knowledge about these. According to the 2014 World Bank Global Findex database, only 33% of the adults worldwide are financially literate and this average even goes down to 13% in developing countries. It is, therefore, imperative to improve financial literacy of the consumers to increase meaningful participation in the financial sector especially in developing countries. As such it is necessary to understand the relationship between financial literacy and financial inclusion within the Sub–Saharan region. Most of the previous researches in the area of study have been conducted in developed countries and most of them have focused on either the relationship between financial literacy and the demographic factors, or the relationship between financial inclusion and demographic factors. Very few studies have investigated the direct link between financial literacy aspects and financial inclusion indicators. This study accordingly investigates the link between financial literacy and financial inclusion. The study also investigates how socio-demographic and economic characteristics affect financial literacy levels of individuals. Due to the availability of reliable data in South Africa the study uses evidence from South Africa using data collected by the Human Sciences Research Council (HSRC). The main results of the study indicate that use /ownership of financial products is positively and significantly related to financial literacy. The results also indicate that geographical location, age and education attainment have an influence on an individual being financially literate and financially included, but there is no evidence to suggest that living standard measure has an impact on either financial literacy or financial inclusion. The implications of the results of this study are important because they highlight the focus areas for policy makers to achieve optimal results in financial literacy and financial inclusion. In addition, the study adds to the body of knowledge an analysis of a direct link between financial literacy and financial inclusion in an emerging market using widely accepted indicators and a more diverse and nationally representative sample. The study concludes that increasing financial literacy levels would increase the uptake of financial products/services. Based on the results of the study, this research presents conclusions, policy recommendations and recommendations for further research studies that are necessary to improve aspects of financial literacy and financial inclusion.

This dissertation concerns itself with the problem of constructing multi asset class portfolios. The investment process is aimed at solving two problems. The first problem is estimating the future returns of individual securities, which is an exercise fraught with uncertainty as the future is fundamentally unpredictable. This uncertainty means that the investor must allocate his portfolio to a number of assets instead of just one, in case his predicted future returns do not materialize. This leads the investor to the second problem of how best to construct the portfolio. It is this part of the investment process which is the subject of this dissertation which examines whether it is best to construct multi-asset class portfolios using a top-down or bottom-up approach. In the top-down approach one begins by creating independent single asset class portfolios which are then combined to create a multi-asset class portfolio. The bottom-up approach constructs the portfolio by considering all the securities available to the investor (irrespective of asset class) at the same time. The Mean-Variance and Black- Litterman models are reviewed in detail. Portfolios are then created using these portfolio construction methods in order to compare the two approaches. In constructing these portfolios, the commonly encountered problem of missing data in financial return series is also examined. The main result is that the top-down and bottom-up approaches create similar efficient frontiers, though the bottom-up approach results in an extended frontier which allows investors to obtain efficient portfolios with either a higher expected return or a lower volatility.

Since the 2008 financial crisis, global attention has been drawn to co-operatives, owing to their resilience and ability to flourish during tough economic conditions. The potential of co-operatives as a catalyst for sustainable development is of particular interest to a country like Botswana, where the economy is heavily reliant on a single commodity trade and there is potential for greater participation of the citizens in economic and social development of the country. The growing participation of co-operatives, particularly savings and credit co-operatives (SACCOs), has proved to be a channel for increasing access to finance for the traditionally unbanked, a reduction in poverty levels, and continued socioeconomic development across the African continent. In Botswana, however, only 26% of co-operatives are profitable, while 30% operate at a loss or break even. This necessitates an empirical investigation into the performance (profitability and sustainability) of SACCOs in Botswana. Literature presents various views regarding the determinants of profitability of SACCOs; these include the selection of a skilled management committee, the clear articulation of and compliance with a credit policy, the presence of a savings culture in the area of operation, sound corporate governance, credit default rates, membership numbers and members' level of financial literacy. This study ascertains the key determinants of the profitability and sustainability of SACCOs in Botswana and the extent to which these factors influence the SACCOs' operational self-sufficiency (OSS). The population included 39 SACCOs from eight regions across the country. The independent variables chosen were return on assets, deposit mobilisation, current ratio, capital structure, and membership size. Panel data analysis for financial data collected over 10 years (2005 to 2015) for all registered SACCOs was used. The study revealed that return on assets and capital structure were significantly and positively related to OSS, which was generally consistent with literature. Size and liquidity were found to be statistically insignificant determinants of OSS. A finding unique to this study, and contrary to literature, was the negative relationship observed between deposit mobilisation and OSS. Informed by the findings of the study, the main recommendations are that members of SACCOs as well as regulators should ensure that management provides a clear investment strategy that shows consideration for revenue diversification. The Ministry of Investment, Trade and Industry should also channel resources into implementing supporting policies and legislature for SACCOs, such as the Co-operative Transformation Strategy, to enable these entities to thrive.