Privatisation and Corporate Governance: An Overview

Over 2,700 public enterprises had been divested in Africa by 1997 as part of the structural adjustment programmes embarked on by many African countries. The degree of success of these privatisations will depend in great part on the nature of corporate governance. This article presents an overview of the papers appearing in the present issue on these twin subjects of privatisation and corporate governance. The overview covers (i) the institutional framework and the desirability of privatisation, (ii) international evidence on corporate governance, with implications for developing countries, (iii) lessons from transition economies on privatisation and corporate governance and (iv) the operating and financial performance of newly privatised firms in developing countries, with a focus on a sample of African firms.