African entrepreneurs, financial literacy, debt and bankruptcy

Ekanem, Ignatius U. ORCID: https://orcid.org/0000-0001-5678-3954 (2014) African entrepreneurs, financial literacy, debt and bankruptcy. In: The Routledge companion to business in Africa. Nwankwo, Sonny and Ibeh, Kevin, eds. Routledge Companions in Business, Management and Accounting . Routledge, London, pp. 218-233. ISBN 9780415635455. [Book Section]

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Abstract

This chapter is concerned with the behaviour of African entrepreneurs and individual towards debt and bankruptcy; and to assess the extent to which their attitudes and behaviour towards debt and bankruptcy are influenced by their cultural and religious practices. The study is based on a qualitative research method involving in-depth, semi-structured interviews and, in some cases, direct observation. The findings suggest that among African entrepreneurs and individuals there are compelling cultural and religious reasons to settle debts and this can lead to a strong desire to resist at all costs the bankruptcy process. The study also revealed a high level of ignorance and a lack of understanding among the Africans of the actions they can take when they find themselves in financial difficulties. The implication of these findings is that financial literacy and pre-bankruptcy counselling can empower this group of consumers and influence competent financial decision making.

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