Foreign debt and the prospects for growth in the developing countries of Africa in the 1980s

Abstract

This paper is a revised version presented to the Conference on Foreign Debt and Nigeria’s Economic Development. Organized by the United Bank for Africa, Lagos, Nigeria, and 5-6 March 1984. This paper explore the African countries external debt problem due to the inability of interest payment. The major causes of external indebtedness in Africa properly addressed and there is a consumes that Africa`s enormous development and financial problems require drastic political decision and hold a clear headed policy direction. The purpose of this paper is to feature and understand structure of the African external debt, debt management and prospects for growth in the 1990s. Moreover, the conclusion that the solution to the problem of African external indebtedness lies in necessary structural adjustment. They should acknowledging the fact that African countries must restructure their monetary and financial policies both to meet current exigencies and to generate further growth.