Introduction

Abstract

Notwithstanding the recent optimism about African economies, the performance of these economies since the time of political ‘independence’ can only be described as dismal. There has been a secular deterioration in their terms of trade (particularly from the mid-1970s); the level of external debt has grown enormously, leading to near insolvency; dependency on foreign aid has grown at an alarming rate (and this has been exacerbated by stagnation in exports); and, finally, levels of investment have been extremely low. Partly as a result of the latter, physical and social infrastructures have deteriorated rapidly. Political instability, frequent wars, and natural disasters have further aggravated this situation. The major question to be asked then is ‘why?’