Prospects for Recovery and Sustainable Development in Africa

By Aguibou Y. Yansané | Go to book overview

9
Evaluation of, and African Alternative Framework to Structural Adjustment Programs for Socioeconomic Recovery and Transformation (AAF-SAP)

UNITED NATIONS ECONOMIC COMMISSION FOR AFRICA

From the economic point of view, the orthodox structural adjustment programs, by their very design, assume that the classical instruments of control of money supply, credit squeeze, exchange rate and interest rate adjustments, trade liberalization, and so on, which may be valid in well-structured economies, could bring about positive results in African economies characterized by weak and disarticulate structures. However, there is documented evidence that in many cases sustained economic growth has not materialized, the rate of investment rather than improve has tended to widen after some temporary relief, and debt service obligations have become unbearable.

Consequently, at the beginning of 1988, the United Nations Economic Commission for Africa ( UNECA) with the financial support of the United Nations Development Programme (UNDP) embarked on a search for an African alternative framework to structural adjustment programs that would address simultaneously both adjustment and structural transformation problems of the African economies.


EVALUATION OF STABILIZATION AND STRUCTURAL ADJUSTMENT PROGRAMS IN AFRICA

By the early 1970s, African countries began to experience a serious crisis, which became aggravated throughout the 1980s. Although this crisis arose basically from the structural deficiencies of the African economies, it was nevertheless perceived in terms of internal and external financial imbalances: deteriorating terms of trade, increasing balance of payments deficits, rising inflation, increasing budget deficits, and depletion of external reserves. Consequently, and at the insistence of and with the help of the international

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