Conceptual framework and approaches to be considered in the preparation of a programme for the industrial development decade for Africa

Abstract

Foreign exchange shortages have become a major constraint to industrialization in non-oil exporting African countries. Despite some increases in financial inflows, growing trade deficits and high non-concessional borrowing have strained foreign exchange reserves. Heavy debt servicing and inadequate concessional inflows further exacerbate the challenge, limiting the ability to finance essential imports like food, pharmaceuticals, and oil.