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Zeufack, Albert G.

Office of the Chief Economist for Africa Region
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Zeufack, Albert (ed.)
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Micro-foundations of macroeconomics
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Office of the Chief Economist for Africa Region
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Last updated: April 3, 2023
Biography
Albert G. Zeufack is the World Bank Country Director for Angola, Burundi, the Democratic Republic of Congo, and Sao Tome and Principe. Prior to this assignment, from 2016 to 2022, Dr. Zeufack held the position of Chief Economist for the World Bank’s Africa region. A Cameroonian national, Dr. Zeufack joined the World Bank in 1997 as a Young Professional and started his career as a research economist in the macroeconomics division of the research department. Since then, he has held several positions in the World Bank’s Africa, East Asia and Pacific, and Europe and Central Asia regions. Between 2008 and 2012, when on leave from the World Bank, he served as Director of Research and Investment Strategy/Chief Economist for Khazanah Nasional Berhad, a Malaysian Sovereign Wealth Fund. He previously worked as Director of Research at the Natural Resource Governance Institute, and before that he co-founded the Natural Resource Charter.
Citations 11 Scopus

Publication Search Results

Now showing 1 - 8 of 8
  • Publication
    Borrow with Sorrow? The Changing Risk Profile of Sub-Saharan Africa's Debt
    (World Bank, Washington, DC, 2020-01) Calderon, Cesar; Zeufack, Albert G.
    In the post-global financial crisis period, the financing of countercyclical policies led not only to a reduction in the fiscal surpluses across Sub-Saharan African countries, but also an increase in their levels of indebtedness. Although public debt for the region in 2018 was still below that of the pre-debt forgiveness period, the risk profile of public debt has sharply increased. The share of concessional public debt has been declining while that owed to private creditors and non–Paris Club bilateral creditors has been rising. The resulting reconfiguration of public debt has led to increased debt service in the region. Hence, the higher risk profile of debt and rising payments might lower the threshold for debt distress in the region. Addressing public debt vulnerabilities requires the buildup of external and fiscal buffers by conducting prudent fiscal policies and implementing growth-enhancing reforms, and the strengthening of debt management practices. However, the policy toolkit can be enlarged by gradually moving from debt management to balance-sheet management of the public sector, and policies to boost the efficiency of public investment.
  • Publication
    Housing Finance and Inclusive Growth in Africa: Benchmarking, Determinants and Effects
    (Taylor and Francis, 2021-04) Nguena, Christian-Lambert; Tchana, Fulbert Tchana; Zeufack, Albert G.
    Using a panel database of 48 Sub-Saharan African countries from 2000 to 2012 that we partially constructed, this paper analyses the structure of housing finance in Africa, its determinants, and its impact on inclusive growth. We find that market capitalization and urbanization are key positive determinants of housing finance, while a post-conflict environment is conducive to greater housing finance development. This result suggests that housing finance is driven by standard market forces of demand and supply. Besides, we find that housing finance development in Africa is not yet an effective tool for reducing economic inequality, at its current, very earlier stage. However, we show that above a given threshold, housing finance could be efficient at reducing inequality. Finally, there is a slightly positive relationship between housing finance and greater economic development in Africa. All these findings suggest that policies to boost housing finance development in Africa would be fruitful in the medium to long terms.
  • Publication
    Sovereign Wealth Funds and Long-Term Investments in Sub-Saharan Africa
    (World Bank, Washington, DC, 2016-12) Diallo, Boubacar; Tchana Tchana, Fulbert; Zeufack, Albert G.
    This paper explores the landscape, contributions, and determinants of sovereign wealth funds' long-term investments in Sub-Saharan Africa. The study finds that of all regions, Africa receives the lowest share of investment from sovereign wealth funds, and the landscape is dominated by Asian funds. The investment strategies of sovereign wealth funds established by African countries tend to be to invest less domestically and more abroad, contrary to Asian funds. In addition, using an enriched simple mean-variance portfolio model with an exponential utility function, the analysis shows that the investment rate of return and political connections have a positive and significant effect on sovereign wealth fund investments, and risk exerts a negative but not significant effect. The paper confirms these results empirically, using a database that includes 26 sovereign wealth fund investments over 1985-2013. Hence, sovereign wealth funds investing in Africa care more about high returns and the political interests of their country of origin than the risk of their investment.
  • Publication
    Risk Sharing in Labor Markets
    (Washington, DC: World Bank, 2003-09) Bigsten, Arne; Collier, Paul; Dercon, Stefan; Fafchamps, Marcel; Gauthier, Bernard; Gunning, Jan Willem; Oduro, Abena; Oostendorp, Remco; Pattillo, Cathy; Soderbom, Mans; Teal, Francis; Zeufack, Albert
    Empirical work in labor economics has focused on rent sharing as an explanation for the observed correlation between wages and profitability. The alternative explanation of risk sharing between workers and employers has not been tested. Using a unique panel data set for four African countries, Authors find strong evidence of risk sharing. Workers in effect offer insurance to employers: when firms are hit by temporary shocks, the effect on profits is cushioned by risk sharing with workers. Rent sharing is a symptom of an inefficient labor market. Risk sharing; by contrast, can be seen as an efficient response to missing markets. Authors evidence suggests that risk sharing accounts for a substantial part of the observed effect of shocks on wages.
  • Publication
    Africa's Pulse, No. 21, Spring 2020: An Analysis of Issues Shaping Africa’s Economic Future
    (World Bank, Washington, DC, 2020-04-08) Zeufack, Albert G.; Kambou, Gerard; Djiofack, Calvin Z.; Kubota, Megumi; Korman, Vijdan; Cantu Canales, Catalina
    The COVID-19 pandemic has taken a toll on human life and brought major disruption to economic activity across the world. Despite a late arrival, the COVID-19 virus has spread rapidly across Sub-Saharan Africa in recent weeks. Eeconomic growth in Sub-Saharan Africa is projected to decline from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020, the first recession in the region in 25 years. The coronavirus is hitting the region’s three largest economies —Nigeria, South Africa, and Angola— in a context of persistently weak growth and investment. In particular, countries that depend on oil and mining exports would be hit the hardest. The negative impact of the COVID-19 crisis on household welfare would be equally dramatic. African policymakers need to develop a two-pronged strategy of “saving lives and protecting livelihoods.” This strategy includes (short-term) relief measures and (medium-term) recovery measures aimed at strengthening health systems, providing income support to workers and liquidity support to viable businesses. However, financing of these policies will be challenging amid deteriorating fiscal positions and heightened public debt vulnerabilities. Therefore, African countries will require financial assistance from their development partners -including COVID-19 related multilateral assistance and a debt service stand still with official bilateral creditors.
  • Publication
    Assessing the Returns on Investment in Data Openness and Transparency
    (World Bank, Washington, DC, 2020-01) Kubota, Megumi; Zeufack, Albert
    This paper investigates the potential benefits for a country from investing in data transparency. The paper shows that increased data transparency can bring substantive returns in lower costs of external borrowing. This result is obtained by estimating the impact of public data transparency on sovereign spreads conditional on the country's level of institutional quality and public and external debt. While improving data transparency alone reduces the external borrowing costs for a country, the return is much higher when combined with stronger institutional quality and lower public and external debt. Similarly, the returns on investing in data transparency are higher when a country's integration to the global economy deepens, as captured by trade and financial openness. Estimation of an instrumental variable regression shows that Sub-Saharan African countries could have saved up to 14.5 basis points in sovereign bond spreads and decreased their external debt burden by US$405.4 million (0.02 percent of gross domestic product) in 2018, if their average level of data transparency was that of a country in the top quartile of the upper-middle-income country category. At the country level, Angola could have reduced its external debt burden by around US$73.6 million.
  • Publication
    Structural Transformation and Productivity Growth in Africa: Uganda in the 2000s
    (World Bank, Washington, DC, 2015-12) Ahmed, Sabin; Mengistae, Taye; Yoshino, Yutaka; Zeufack, Albert G.
    Uganda’s economy underwent significant structural change in the 2000s whereby the share of non-tradable services in aggregate employment rose by about 7 percentage points at the expense of the production of tradable goods. The process also involved a 12-percentage-point shift in employment away from small and medium enterprises and larger firms in manufacturing and commercial agriculture mainly to microenterprises in retail trade. In addition, the sectoral reallocation of labor on these two dimensions coincided with significant growth in aggregate labor productivity. However, in and of itself, the same reallocation could only have held back, rather than aid, the observed productivity gains. This was because labor was more productive throughout the period in the tradable goods sector than in the non-tradable sector. Moreover, the effect on aggregate labor productivity of the reallocation of employment between the two sectors could only have been reinforced by the impacts on the same of the rise in the employment share of microenterprises. The effect was also strengthened by a parallel employment shift across the age distribution of enterprises that raised sharply the employment share of established firms at the expense of younger ones and startups. Not only was labor consistently less productive in microenterprises than in small and medium enterprises and larger enterprises across all industries throughout the period, it was also typically less productive in more established firms than in younger ones.
  • Publication
    Housing Finance and Inclusive Growth in Africa: Benchmarking, Determinants, and Effects
    (World Bank, Washington, DC, 2016-12) Nguena, Christian-Lambert; Tchana Tchana, Fulbert; Zeufack, Albert G.
    Using a partially constructed panel database of 48 Sub-Saharan African countries from 2000 to 2013, this paper analyzes the structure of housing finance in Africa, its determinants, and its impact on inclusive growth. The findings show that market capitalization and urbanization are key positive determinants of housing finance, and the post-conflict environment is conductive to greater housing finance development. This result suggests that housing finance is driven by standard market forces of demand and supply. In addition, the analysis finds that housing finance development in Africa is not yet an effective tool for reducing economic inequality, at its current, very early stage. However, the paper shows that above a given threshold, housing finance could be efficient at reducing inequality. Finally, there is a slightly positive relationship between housing finance and greater economic development in Africa. All these findings suggest that policies to boost housing finance development in Africa would be fruitful in the medium to long terms.