The Principle of Participation in Corporate Governance: An African Perspective

Abstract

The purpose of the paper is to present the “principle of participation” that is common in African cultural systems and way of life as the distinguishing characteristic of an African oriented corporate governance system. The paper contends that corporate governance systems are culturally influenced and argues that the existing theories in the realm of contemporary corporate governance systems are alien to the African culture and therefore might not offer sufficient solutions to challenges facing organizations operating in the African environment. The paper observes that while other continents seem to be making progress in wealth creation and economic development, the African continent still lags behind manacled in corruption scandals, mismanagement of organizations and public resources. The paper argues too, that these problems are possibly propagated by individualistic tendencies. Thus, the paper proposes that embracing the principle of participation in African governance systems could offer a sustainable strategic solution and propel the African continent to sustainable social economic development.