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Paper short abstract:

Sub-Saharan Africa faces persistent conflict, violence, and insecurity, profoundly affecting its economic and sustainable development. By quantifying the costs of peacekeeping and conflict, peace accounting aids policy development, addressing the nexus of security and sustainable economic growth.

Paper long abstract:

In the 21st century, conflicts in developing regions, particularly Sub-Saharan Africa, have evolved, significantly impacting governance, economic performance, and sustainable development. This study investigates the concept of peace accounting as an innovative approach to address these challenges. Peace accounting, the systematic recording, analysis, and reporting of the costs associated with conflict resolution and peacekeeping, has emerged as a critical tool for policymakers.

This paper examines how violent conflicts, insurgencies, and governance failures increase the economic burdens on fragile states, destabilising economies and deterring investment. Using examples from Nigeria and other Sub-Saharan African countries, the paper analyses the interconnectedness of violence, economic stagnation, and environmental degradation. It also explores how peace accounting can help governments evaluate the allocation of financial and human resources for peacebuilding initiatives, leading to informed policy decisions.

Additionally, the paper delves into the socio-political factors exacerbating instability and highlights peace accounting’s potential to drive resource accountability, promote environmental justice, and encourage sustainable peacebuilding practices. Ultimately, it argues that peace accounting is not merely an accounting framework but a developmental strategy that reshapes approaches to conflict transformation, bridging the gap between security measures and sustainable development goals.

By linking peace accounting to broader conflict transformation frameworks, the paper underscores its role in fostering resilience in conflict-affected societies and achieving long-term economic stability.