Diversification : towards a new paradigm for Africa's development

Abstract

Africa’s recent development history could be summarized into two big periods. The first occurred in the first years of independence where African countries sought to support political independence by strengthening their economic autonomy. Most countries therefore commenced vast modernization programmes of their economic structures within the framework of import-substitution strategies. These Modernization strategies were not limited to industrial development but also dealt with agricultural development through the desire to reduce dependency on cash products and increase the share of food products. States played an important role in economic and social modernization strategies through public investments in industry, agriculture and infrastructure. However, these investments required a significant recourse to external intervention in different forms, such as external debt, foreign direct investments(FDI) and transfer of technology.