Adjusting to Policy Failure in African Economies

Book Description
In this timely volume sixteen specialists examine the external and domestic factors that precipitated Africa's economic crisis and the nature and consequences of the process of reform designed to restore macroeconomic stability and accelerate the rate of economic growth. The authors explore the efforts of ten diverse countries in sub-Saharan Africa to rectify economic distortions of the past and weaknesses in institutional structures. Their case studies include Ghana, Guinea, Zaire, Cameroon, Niger, Malawi, Mozambique, Tanzania, Gambia, and Madagascar.


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In this timely volume sixteen specialists examine the external and domestic factors that precipitated Africa's economic crisis and the nature and consequences of the process of reform designed to restore macroeconomic stability and accelerate economic growth. The authors explore the efforts of ten sub-Saharan countries to rectify economic distortions of the past and weaknesses in institutional structures. Their case studies include Ghana, Guinea, Zaire, Cameroon, Niger, Malawi, Mozambique, Tanzania, Gambia, and Madagascar. The authors present evidence that economic reform has resulted in recovery from a decade or more of economic turmoil and stagnation. Although efforts to promote disengagement of the state and improve the functioning of markets have met with partial success, they find that most countries are still suffering the harsh consequences of ill-advised domestic policies, often aggravated by an inhospitable external environment. Their observations suggest, that addressing the weaknesses in human capital, physical infrastructure, and institutional structures, including the functions of the state, represents a formidable challenge.


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