THE CHALLENGES OF CORPORATE SOCIAL RESPONSIBILITY IN LOCAL COMPANIES

THE ADVENT OF GLOBALISATION THAT HAS LED TO THE LIBERALISATION OF TRADE AND THE OPENNING OF LOCAL BOUNDARIES HAVE TIGHTENED THE RATE OF COMPETITION IN BUSINESS.THIS COMPETITION HAS TO BE GUIDED BY SOME STANDARDS AND NORMS IN ORDER TO IMPROVE ON ITS FAIRNESS AND TRANSPARENCY. THESE COMPANIES ESPECIALLY MULTINATIONALS ARE OBLIGED TO CONTRIBUTE IN THE SUSTAINABLE DEVELOPMENT OF THEIR SORROUNDING COMMUNITIES IN ORDER TO IMPROVE ON THEIR LEGITIMACY. THIS ENDEAVOUR IS CALLED CORPORATE SOCIAL RESPONSIBILITY (CSR). COMPANES IN THE DEVELOPING COMMUNITIES ARE STILL LOOKING AT CSR TO BE AN AFFAIR OF BIG COMPANIES BECAUSE OF INSUFFICIENT FUNDS, TECHNOLOGICAL ADVANCEMENT, LEGISLATIVE FRAMEWORK ETC. THIS WORK PROVIDES POSSIBLE SOLUTIONS TO THESE CHALLENGES ESPECIALLY FOR LOCAL COMPANIES IN AFRICA.